Mumbai-based cloud kitchen startup EatClub has successfully raised Rs 185 crore (approximately $22 million) in a fresh funding round led by global venture capital giant Tiger Global. The round also saw participation from A91 Partners and 360 ONE Asset Management. As per regulatory filings accessed via the Registrar of Companies (RoC), the company will utilize the capital for growth and expansion.
The funding round is accompanied by a significant leadership reshuffle: co-founder and CEO Jaydeep Barman has moved into the role of Chairman, while fellow co-founder Ankush Grover steps in as the new CEO.
EatClub's board approved a special resolution to issue 11,830 preference shares to the participating investors. The investment breakdown is as follows:
Tiger Global: Rs 126 crore
A91 Partners: Rs 37.5 crore
360 ONE Asset Management (via its Monopolistic and Opportunity Fund): Rs 21.2 crore
Post this funding, EatClub's estimated post-money valuation stands at Rs 4,585 crore (around $540 million). This reflects an impressive 80% increase from its last valuation of $300 million in December 2021, when it raised $40 million.
EatClub has steadily expanded its footprint in the cloud kitchen space, operating 16 multi-cuisine brands. Notable names include:
Box8
Mojo Pizza
Behrouz Biryani
Faasos
Bhatti Chicken
NH1 Bowls
ZAZA Biryani
The company reported an operating revenue of Rs 515.5 crore for FY24, and impressively reduced its net loss by 77% to Rs 15.77 crore from Rs 69 crore in FY23. These performance metrics indicate strong operational efficiencies and a focused path toward profitability.
EatClub's fundraise marks one of the few Tiger Global-led investments in 2025. Previously, Tiger Global had led a $125 million round in Infra.Market in January, suggesting a highly selective investment approach.
EatClub operates in a highly competitive space, directly rivaling:
Rebel Foods, which raised $210 million last year and reported FY24 revenue of Rs 1,420 crore (with a loss of Rs 378 crore)
Freshmenu
Curefoods' Eatfit
BBK (Biryani By Kilo)
The sharp reduction in EatClub's losses and its consistent growth make it a standout performer in this crowded field.
With a refreshed leadership team, new capital infusion, and a diverse portfolio of successful brands, EatClub appears poised for its next phase of expansion. Its strong financial performance, coupled with renewed investor confidence, sets a positive tone for the broader cloud kitchen industry in India.
As competition intensifies and consumer demand for online food delivery remains robust, EatClub's ability to innovate and scale efficiently will be critical. This funding round could well be the catalyst for the company's emergence as a market leader in the segment.
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