Online bakery product seller, Bakingo, has secured a significant boost, raising $16 million in its first-ever round of growth capital from private equity firm Faering Capital.
This investment marks a major step in Bakingo’s expansion plans.
With this fresh injection of capital, Bakingo aims to solidify its presence by increasing its number of dark kitchens from 75 to 150. Additionally, the company plans to enter 10 new cities in India. These moves are part of the company’s strategy to strengthen its distribution network and reach a broader customer base.
Apart from that, Bakingo intends to offer an enhanced customer experience by opening exclusive brand stores. This will allow customers to have a firsthand look at the company’s products.
In line with modern business practices, Bakingo also plans to invest in technology to improve its production processes, supply chain management, and forecasting capabilities.
Bakingo currently operates in 13 Indian cities, including Gurugram, Delhi, Noida, Bengaluru, Hyderabad, Mumbai, Jaipur, Chandigarh, and Lucknow. Their expansion plan includes adding another 10 cities to their service area within the next two years.
Himanshu Chawla, Co-founder of Bakingo, expressed enthusiasm about the company’s future, saying,
“We are in a prime position to be the pioneering National Bakery and Gifting platform. This growth capital investment by Faering Capital will propel us in executing our vision and scaling nationally.”
Established in 2016 by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo is headquartered in Gurugram. It specializes in premium-quality cakes and desserts, offering a diverse range of over 100 products.
Bakingo’s recent expansion into Jaipur, Chandigarh, Lucknow, Meerut, Panipat, Karnal, and Rohtak reflects the company’s commitment to reaching new markets and providing delicious baked goods to an ever-growing customer base.
With this substantial investment from Faering Capital, Bakingo is poised to further extend its reach, strengthen its operations, and enhance the overall experience for its customers, all while retaining its reputation for high-quality bakery products.