Bakingo raises $16 million from Faering Capital

Online bakery product seller Bakingo has successfully secured its first-ever growth capital of $16 million from private equity firm Faering Capital, according to an announcement on Monday. The funding aims to bolster the company's distribution footprint by expanding its dark kitchens from 75 to 150 and entering 10 new cities. Bakingo also plans to establish exclusive brand stores for customer experiences and invest in technology to enhance production, supply chain, and forecasting capabilities.

Currently offering services in 13 cities across India, including Gurugram, Delhi, Noida, Bengaluru, Hyderabad, Mumbai, Jaipur, Chandigarh, and Lucknow, Bakingo intends to add another 10 cities over the next two years. Co-founder Himanshu Chawla expressed the company's vision to be the pioneering national bakery and gifting platform, with Faering Capital's investment propelling them towards national scaling.

Founded in 2016 by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo has built a profitable brand with around Rs 200 crore in revenue, consistently delivering customer delight. Faering Capital Co-founder and Managing Director Sameer Shroff commended the company's achievement of building the business without external funding. Shroff will be joining the board of directors of Bakingo as part of this investment.

(With PTI Inputs)