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Food-tech platform Ghost Kitchens has acquired Gujarat-based cloud kitchen company The Shy Tiger in an all-cash deal, Karan Tanna, CEO & founder, Ghost Kitchens told ETRetail.
The portfolio of 5 brands that Ghost Kitchens has acquired includes KBOB’s, The Black Chimney, Punjab Di Gaddi, Pizza Never Lies and Where’s My Burger.
Denying to share the value of the deal, Tanna said, “The acquisition solidifies Ghost Kitchens’ foothold in the Gujarat market while providing a platform for further expansion and growth. We also saw this as an opportunity to scale its brands and expand our presence in the Gujarat market. “
Going ahead, Ghost Kitchens plans to integrate its existing brands into The Shy Tiger’s infrastructure.
“Currently, we will be scaling only 2 brands of The Shy Tiger – KBOB’s and The Black Chimney – as they contributed to almost 85 per cent of the revenue of the company whereas the other 3 brands will continue to operate the way they are operating,” said Tanna.
Earlier in 2022, Ghost Kitchens had acquired a technology company – WTF – that helped it create its proprietary technology, allowing the cloud kitchen company to manage its business end-to-end and to make it more efficient to generate organic revenue, better customer experience, and higher profitability.
Additionally, Ghost Kitchens acquired Speak Burgers by celebrity Chef Vicky Ratnani in February 2023 to grow the partnership through 25 offline retail stores in the next 18-24 months.
With the focus on growing its own company-owned and operated footprint, launching celebrity brands, and foraying into retail stores, Ghost Kitchens aims to achieve annualised revenue of approximately Rs 200 crore in the next 2 years.
At present, Starboy Pizzas is the best-performing cloud kitchen brand under the Ghost Kitchens’ umbrella and contributes 40 per cent of the revenue of the company.
“Over the next 3-4 months, we are launching 2 celebrity brands – one with a leading singer and rapper and one with a South Indian actor. Besides this, by August, we will be opening outlets of our brands – Starboy Pizzas and Speak Burgers by Chef Vicky Ratnani in Mumbai,” he stated.
By this fiscal end, Ghost Kitchens plans to open 3 outlets of each brand and by the next fiscal end, it will open 10 more outlets of each brand.
“These will be company-owned company-operated outlets and the CAPEX involved in opening each outlet stands at Rs 60 lakh,” he said.
Ghost Kitchens closed FY 23-24 at Rs 35 crore and for this fiscal, it is aiming for Rs 50 crore revenue.
“At present, our EBITDA stands at (-)8 per cent, however, in FY 26, we aim to be profitable,” he asserted.
In February, Ghost Kitchens raised $5million in a series A funding round – a mix of equity and debt – led by GVFL Ltd along with the participation of NB Ventures, LetsVenture, and Lead Angels. Existing investors Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati also participated in the round.
“We are planning to raise the next round of $10 million in the second calendar quarter of 2025 to scale offline and online presence of our brands,” he said.
Founded in 2019, Ghost Kitchens operates through 15+ company-owned and operated cloud kitchens in Mumbai and Ahmedabad, and 1,200 internet restaurants across 40 cities in India.
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