Cloud kitchen startup EatClub Brands, formerly known as Box8, is set to close a secondary funding round worth nearly $30 million where the startup’s existing investors, Tiger Global and A91 Partners will increase its stake.
EatClub Brands transitioned from a QSR chain to its current business model. It currently operates in five Indian cities and owns eight brands. According to the startup, it operates 150 cloud kitchens, with earnings before interest, depreciation, tax, and Edbita ranging from 20 to 30% depending on the location and age of the kitchen. Box8's funding round is slightly larger than what was previously decided. Angel investors who backed the startup are also exiting with good returns as part of the deal.