Tech-enabled quick service restaurant (QSR) brand Charcoal Eats announced a Rs.50 million Pre-Series A round of funding, taking the total funds raised by the company since inception to a sum of Rs.120 million.
The funding will allow Charcoal Eats to increase its footprint across new geographies as well as consolidate its presence in existing markets and invest in customer acquisition and brand building.
The market for chain restaurants including cafes and QSRs is expected to grow at 20 percent a year to reach Rs. 51,000 crore by 2021, according to the India Food Services Report by National Restaurant Association of India.
With this in mind, Charcoal Eats aims to operate over 60 outlets spread across 10 cities, up from its present figure of 22 outlets in six cities, namely Mumbai, Thane, Navi Mumbai, Pune, Delhi-NCR and Nashik.
"Our strong product focus enabled by in-house technology is at the heart of our business. In the last 2 years, we have served over half a million customers and enjoy a high customer satisfaction, resulting in repeat business of over 50 percent. The new investment reiterates our commitment towards building a sustainable and scalable Indian QSR offering consistent quality across the country," said the company's co-founder and CEO, Anurag Mehrotra.
Charcoal Eats offers all-day food options across snack and meal times, at various price points. Customers can dine-in, take-away or order for delivery, as per their convenience. In addition, customers can access Charcoal Eats directly via its app, website or customer care number, and on food platforms such as Zomato, Swiggy, Foodpanda and Dine Out.
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