London PE Finnest takes majority stake in cloud kitchen firm Kitchens@ with $160 million investment

London-based private equity firm Finnest has bought a majority stake in cloud kitchens-focused startup Kitchens@ after investing Rs 1,335 crore ($160 million) in the company, per regulatory filings and people in the know.

After the investment, Finnest has become the largest shareholder in the firm with a nearly 54% shareholding. The funding round was at a $305 million post-money valuation, sources added. This announcement includes a $65 million investment from Finnest announced by the Bengaluru-based firm in December last year.

The company issued 40 lakh fresh equity shares and 4.5 lakh compulsory convertible preference shares (CCPS) at Rs 3,000 each to Finnest as part of the funding. Kitchens@ did not reply to requests for comment.


Kitchens@ provides services like ready-made kitchen setups, as well as supply chain and hiring support to cloud kitchens. It works with a number of restaurants such as Taco Bell, Subway, Nando’s, Mainland China, Domino’s, Barbeque Nation, Chaayos and Wow Momos across the country.

The firm’s core business of servicing cloud kitchens has a presence in 45 locations across six major cities, servicing 700 kitchens. The firm is also looking to open 150 omnichannel, multi-brand fine dining spaces called Dinerium in the next 18 months across the country, cofounder and chief executive Junaiz Kizhakkayil had told ET at the time.

News portal Entrackr was the first to report on the funding.

Kitchens@ earned Rs 180 crore in revenue in FY23, Kizhakkayil had said in December, and was looking to close FY24 with Rs 600 crore in revenue, while being profitable at an Ebitda (earnings before interest, taxes, depreciation and amortisation) level. The firm is yet to file its earnings with the registrar of companies (RoC).

In March, food delivery firm Swiggy sold its cloud kitchen business, called Swiggy Access, to Kitchens@ in a share swap deal. The firm competes with the likes of Delhi-based Kitchen Centre and Hyderabad-based TTSF Cloud One.