Online cake delivery startup Bakingo raised $16 M from private equity firm Faering Capital
Private equity firm Faering Capital contributed $16 million to the first growth capital round of online cake delivery startup Bakingo.
According to a press release from Bakingo, the money will be utilized to increase the company’s distribution network by adding 10 new cities and growing from 75 to 150 dark kitchens. In order to better serve its customers and improve its production, supply chain, and forecasting capabilities, the company also intends to open exclusive brand stores.
Featuring over 100 SKUs, Gourmet Cakes, Jar Cakes, and its signature Cheesecake, Bakingo is a cake and dessert shop founded by Himanshu Chawla, Shrey Sehgal, and Suman Patra.
In addition, the company offers more than 200 customizable cake designs and guarantees two-hour delivery in 13 cities.
Jaipur, Chandigarh, Lucknow, and a few smaller cities like Meerut, Panipat, Karnal, and Rohtak are now part of the bakery startup based in Gurugram.
The Indian private equity firm Faering Capital has partnered with thirty companies and raised over $720 million across three funds. From its $346 million Fund 3, this is the fourth investment made by Faering Capital. Go Digit General Insurance, Niva Bupa Health Insurance, Vastu Housing Finance, Nykaa, Plum, and Finova Capital are among the companies in its portfolio.
