UAE-based NB Ventures, one of the fastest growing venture capital funding companies founded by Neelesh Bhatnagar has once again demonstrated its belief in the food-tech sector by investing in Bigspoon, the multi-brand virtual kitchen concept focussed in Tier-2 cities across India
The move also reinforces NB Ventures’ philosophy to fund new-age digital companies in sectors such as Ed Tech, Health & Beauty, Education, FMCG, Logistics, and Ecommerce and its faith in the India market beyond the 4 metros.
"We are excited to partner with Bigspoon, who are transforming the cloud kitchen landscape in Tier 2 & 3 cities, with fresh-pier food and tech-led disruption in the F&B space. Our expertise in the Food-tech sector and their focus on a full-stack solution around a multi-brand portfolio and ‘kitchen-as-a-service’ has great synergy with our unified vision for international expansion. We have a brilliant team with automation capabilities which is reflected in our high retention and revenue growth over the past two quarters" said Bhatnagar
The foodtech market in India valued at USD 4 Bn in 2019 and is expanding at a compound annual growth rate (CAGR) of ~39% during the 2021 - 2025 period. This investment of NB Ventures is in addition to the its large portfolio of restaurant brands such as The Yellow Chilli by Sanjeev Kapoor and Pressman’s Sandwiches in the UAE, Cloud kitchen brands such as Biryani Box and Khichdi Tales in UAE and India’s first kids-only kitchen brand - Monkey Box
Bhatnagar also confirmed about plans to cross-migrate his brands from India to UAE and vice versa apart from introducing new F&B concepts in both markets.
