28. September.2021 – Bengaluru, India-based, VRO Hospitality raises USD 3 Million in a Series A funding round. This funding round was led by CreedCap Asia Advisors and participated by some undisclosed investors.
VRO will use the fresh funding to expand its footprints to Mumbai, Chennai and Goa. About 80% of the raised capital will go into new projects, 10% on technology and team building, and 10% on cloud kitchen brands.
Words from the investors –
Commenting on the funding, Vishal Pereira, Managing Director at CreedCap Asia, added,
“This decade, F&B brands will be hybrid in nature of operations and own the online/offline experience for customers. The founders at VRO sold their last business to Dineout, and we believe they are the right team to back this hybrid model.”
About VRO Hospitality –
VRO Hospitality was initiated by Dawn Thomas, Safdar Adhoor, and Sharath Rice. It owns and operates F&B brands such as Hangover, Mirage, Nevermind, Badmaash, and Tycoons, among others in Bengaluru.
In the last 12 months, the startup acquired COVID-hit F&B brands like Café Noir, Fava, Caperberry, Plan B, and One Night in Bangkok in between the pandemic. It has also ventured into cloud kitchen brands with Burgers and Beyond, Holy Dah Pizzas, and Smashed to adjust to the new world of dining.
VRO Hospitality operates in multi-format restaurants, lounges and cafes as 18 outlets in Bengaluru, India.
VRO states to be running at a 20 per cent operating profit, and its revenues have been boosted by 4.1 times since its inception in October 2020. VRO employs more than 600 people and aims to build a unique food and beverage platform with online and offline experiences.
“Our funding comes at a time when the hospitality industry across the globe is struggling due to the impact of the COVID. The confidence of our investors in us is a testament to the growth potential that we have delivered so far. We are focussed on our growth model, and this fresh round of funding will help us to stay on the trajectory for success,” said 29-year-old co-founder Dawn Thomas.
“We are looking towards an exciting future. We are planning to add 16 new projects across five cities, including Bengaluru, Goa, Mumbai, Kochi, and Chennai. By the end of the financial year, we also plan to take some of our brands pan-India and also to Singapore and Dubai,” said Dawn.
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