London-based private equity firm Finnest has acquired a majority stake in Bengaluru-based cloud kitchen startup, Kitchens@. The acquisition was made through a substantial investment of Rs 1,335 crore (approximately USD 161 million).

According to the latest regulatory filing from the Registrar of Companies, Kitchens@ has issued 40,00,000 equity shares at Rs 3,000 each to raise Rs 1,200 crore, and an additional 4,50,000 Series C CCPS at an issue price of Rs 3,000 amounting to Rs 135 crore.

Following this investment, Finnest now holds a 53.75% stake in Kitchens@. Post-allotment, Kitchens@ has been valued at around Rs 2,114 crore.

Established in 2018, Kitchens@ specialises in providing comprehensive solutions for F&B brands to expand their presence, offering end-to-end services encompassing infrastructure, technology, and operation services. 

The company’s clientele includes renowned food brands like Domino’s Pizza, Subway, Taco Bell, Nandos, and ChicKing, as well as national chains such as ITC, Mainland China, and Barbeque Nation.

In early 2023, Kitchens@ acquired Swiggy’s Access Kitchens business in a share swap deal, aiming to extend its reach to four cities across 52 locations and over 700 kitchens. The company’s revenue from operations escalated by 67% to Rs 62 crore in the fiscal year 2023 from Rs 37 crore in the previous fiscal year. 

However, the company reported losses of Rs 27.3 crore during the same period, and it’s important to note that there is no information available regarding its annual results for fiscal year 2024.

Kitchens@ is facing competition from industry players such as Rebel Foods, Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Bigspoon, Dil Foods, Ghost Kitchens India, and HOI Foods.