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Adonia Hospitality raises USD 1 million seed round from Pepperfry founders, aims to expand in packaged and frozen food from November 2021

Monday, November 15, 2021, 10:46 Hrs  [IST]
HBI Staff | Hyderabad

Adonia Hospitality, an early-stage food tech startup, has raised upwards of $1 million seed round from Pepperfry founders, Ambareesh Murthy and Ashish Shah. The funds will be deployed to setup additional 6 restaurants in the next six months. Led by Rupesh Kumar Shah, CEO and Co-Founder of Adonia Hospitality, both, Ambareesh and Ashish join the Board as non-executive directors. The company is currently operating in the Casual Dining and Cloud Kitchen segment and is gearing up to expand in packaged and frozen food from November 2021.

 

In July 2021, Adonia Hospitality acquired Mumbai’s most iconic Italian Food Chain - Mia Cucina that has been offering quality food consistently over the last ten years. With an aim to make Mia Cucina India's biggest Italian food chain by 2024, Adonia plans to launch the restaurant in Bangalore, Hyderabad and Gurgaon in the next one year. Having worked on three broad spectrums, In-dining & Cloud Kitchen, Packaged Foods and Urban Hydroponics and Vertical Plantation, Adonia Hospitality has 6 restaurants in its portfolio and is currently profitable at an ARR of INR 7 crores for FY 21-22 with a month-on-month growth of 7-9 %. Besides Mia Cucina, the startup also owns brands like Bread Butter Beyond and 9th Street Pizzeria.

 

Speaking about the development, Next-Gen entrepreneur, Rupesh Kumar Shah, CEO & Co-Founder, Adonia Hospitality said, “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 INR 135 crores annually which excludes packaged food and tech-based smart subscription model. We are extremely confident about our plans and this funding is a reinforcement of our belief as well as a start to a meaningful and long entrepreneurial journey.”

 

In a joint statement, Ambareesh Murty, Co-Founder & CEO, Pepperfry and Ashish Shah, Co-Founder & COO, Pepperfry said, “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.”

 
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