Quick service restaurant chain IDC Kitchen raised Rs 1.5 Cr Debt funding from Velocity
Velocity, a financing platform backed by Peter Thiel’s Valar Ventures, has provided a debt fund of Rs 1.5 crore to the quick service restaurant chain IDC Kitchen.
According to a press release from IDC Kitchen, the company intends to use the money for marketing campaigns and other inventory-related costs in order to expand its customer base and keep up its dedication to providing a genuine South Indian dining experience.
IDC Kitchen is a chain of vegetarian South Indian self-serve restaurants that was founded in 2012 with the goal of providing food at a reasonable cost. The company handles catering and party orders in addition to having its products available on all of the major food delivery apps.
With 11 locations in Bengaluru, two in Mumbai, and one in Raichur, the Bengaluru-based company says it wants to empower the quick service restaurant industry in India.
Mordor Intelligence projects that the QSR restaurant market will grow from its current $25.46 billion valuation to $38.71 billion by 2029.
A variety of eateries and cloud kitchens have benefited from funding from Velocity, a platform that provides cash-flow financing for modern companies. These include Caters Point, Brahma Brews, BurgerRama, Jamie Oliver’s Pizzeria, Oven Fresh, Crave by Leena, and Smoor. It has partnerships with 26 marketplaces, works with over 4,000 brands, and has disbursed over Rs 750 crore.
So far, Velocity has raised $30 million in equity funding, with Valar Ventures leading the charge.
