Foodtech startup Adonia Hospitality raises over $1 million
Premium- Adonia Hospitality said the funds will be deployed to set up six additional restaurants over the next six months
Bengaluru: Early-stage foodtech venture, Adonia Hospitality, an early-stage food tech startup, on Tuesday said it has raised upwards of $1 million as a part of its seed round from Pepperfry founders, Ambareesh Murty and Ashish Shah.
According to the company, the funds will be deployed to set up six additional restaurants over the next six months.
As a part of the transaction, Murty and Shah will join Adonia’s board as non-executive directors.
The company is currently operating in the casual dining and cloud kitchen segment, with plans to expand in packaged and frozen food.
“The foodtech sector in India is fast evolving along with changing consumer preferences and it is important for us to stay ahead or with the curve. Adonia works on a very optimized model and deep tech for the production and distribution while keeping the food hygienic, wholesome and in time. We aim to operate a network of 200 restaurants by 2025 with a revenue estimate of ₹135 crores annually which excludes packaged food and tech-based smart subscription model," said Rupesh Kumar Shah, chief executive officer (CEO) and co-founder, Adonia Hospitality.
In July 2021, Adonia Hospitality acquired Mumbai-based Italian food chain, Mia Cucina.
With an aim to grow Mia Cucina, Adonia plans to launch the restaurant in Bangalore, Hyderabad and Gurgaon over the next one year.
Having worked on three broad spectrums including in-dining, cloud kitchen, packaged foods along with urban hydroponics and vertical plantation, Adonia Hospitality currently has six restaurants in its portfolio.
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Besides Mia Cucina, the startup also owns brands like Bread Butter Beyond and 9th Street Pizzeria.
“Rupesh has built a great product and tech to bring in authentic Italian cuisine to discerning neighbourhoods in Mumbai. We are very excited to back him as he pursues his ambition to bring this concept to the neighbourhoods in all key markets in the country, built on great product and cutting-edge technology," said Pepperfry founders Murty and Shah, in a joint statement.
Adonia Hospitality is currently profitable and is clocking an annual revenue run rate of ₹7 crore this year, it said.
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