NEWS | Charcoal Eats raises Rs 1 cr from revenue financing major GetVantage
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Food tech start-up Charcoal Eats has raised Rs 1 crore growth capital from revenue-based financing major GetVantage. The funding will be used to fuel expansion through new product launches and marketing in the coming months.
The revenue-based funding comes a few months after the Rs 16 crore equity funding round, which was witnessed in November last year. The round was led by Lokmat Investments and saw participation from other investors, including business leaders from the financial and FMCG sectors.
CharcoalEats FoodTech Pvt Ltd is a tech-enabled, direct-to-consumer venture that started operations in 2015 with 'Delivery-only' outlets with just 6 SKUs. Currently, it operates 32 outlets across three cities, with over 70 SKUs, serving over 45,000 orders - over 60,000 consumers - a month. It is present on leading food platforms, including Zomato and Swiggy.
GetVantage, meanwhile, has made over 150 investments in over 75+ digital-first brands across sectors while supporting many 'Made in India' brands like Charcoal Eats. The revenue-based financing major is aiming to fund more than 250 brands in the next 12 months. Mumbai-based GetVantage makes data-driven investments that range from Rs 20 lakh to Rs 2 crore to boost growth for digital brands.
