New Deal

Bakingo raises $16 million growth capital from Faering Capital

Company press release on Nov 10, 2023

Bakingo raises its first-ever round of growth capital of $16 million from private equity firm Faering Capital and with this investment the company aims to become a leading national bakery brand.

After successfully establishing Flower Aura, an e-commerce business specializing in gifting, Himanshu Chawla, Shrey Sehgal, and Suman Patra continued their entrepreneurial journey by expanding the platform and founding Bakingo in 2016. The company thrived without any external funding, achieving strong growth and profitability having served over 6 million customers since inception.

Over the last few years, Bakingo has consistently delivered customer love and loyalty across India, including in Gurgaon, Delhi, Noida, Bangalore, Hyderabad, and Mumbai. The company has also recently expanded its operations to Jaipur, Chandigarh, Lucknow, and a few smaller cities such as Meerut, Panipat, Karnal, and Rohtak, with the goal of establishing a deeper, pan-India market presence.

With unwavering commitment from its inception, the company has always been dedicated to providing premium-quality cakes and desserts, introducing international flavors to the discerning Indian consumer at attractive price points. Continuous focus on process and technology has helped Bakingo scale its operations with consistency in taste and quality. The brand offers a wide variety of cakes and desserts, including its signature Cheesecake, Gourmet Cakes, Jar Cakes, and other 100+ SKUs. Moreover, the company also has the unique ability to customize more than 200 cake designs and deliver within 2 hours in 13 cities. FlowerAura’s wide assortment of quality gifting products at value pricing complements Bakingo’s offerings and the platform aims to be the #1 national bakery and gifting platform across India.

With this investment, Bakingo is looking to further strengthen its distribution footprint by expanding from 75 dark kitchens to 150 and entering 10 new cities. The company also plans to open exclusive brand stores for customers to experience the product and to invest in technology to enhance its production, supply chain and forecasting capabilities.

Himanshu Chawla, Co-founder of Bakingo, shared "We firmly believe that India needs an authentic homegrown brand, and we are in prime position to be the pioneering National Bakery and Gifting platform. This growth capital investment by Faering Capital will propel us in executing on our vision and scaling nationally.”

Shrey Sehgal, Co-founder of Bakingo, expressed his excitement about the investment, stating, "We are delighted to welcome Faering Capital as a valued partner given their track record in working with entrepreneurs and their expertise in Consumer Brands.”

Sameer Shroff, Co-founder and Managing Director of Faering Capital said “We admire how Himanshu, Shrey, Suman, and the Bakingo team have built a ~200 Cr profitable brand that consistently delivers customer delight across the country. Even more impressive is that they have built the company bootstrapped, without any external funding and Faering Capital is delighted to invest the first growth capital round and partner with Bakingo for their next stage of growth.” Post the transaction, Sameer Shroff will join the board of directors of the company.

IndigoEdge was the exclusive advisor to the company for the deal.