QSR Chain Charcoal Eats In Advanced Discussions To Raise Rs 40 Crore

Charcoal Eats, the Mumbai-based Quick Service Restaurant (QSR) chain, is in advanced discussions to raise around Rs 40 crore via institutional venture capital funds. This round is likely to be closed in the next couple of months.

Krishnakant Thakur, COO and Founder, Charcoal Eats, said, ''We are in the process of raising a Series A round. The agenda is twofold. Around Rs 22-23 crore will be utilised as capital expenditure for setting up new outlets and at least Rs 10 crore will be marked for marketing and branding purposes."

In May 2018, Charcoal Eats had raised Rs 5 crore in a pre-series-A round from high net individual investors like Rajesh Ramanathan, Head Global Growth of Mondelez.

Charcoal Eats was founded by Anurag Mehrotra, Gautam Singh, Mohammed Bhol and Krishnakant Thakur in 2015. Currently, the company has 43 outlets across 12 cities. It is further planning to expand to 250 outlets by March 2020, of which, 150 will be owned by the company and 100 franchised.

Charcoal Eats’ 77% of the business was generated from online orders, while only 23% from the dine-in or takeaway facility.