New Delhi, Nov 13 (IANS): Fast-growing bakery brand Bakingo on Monday said it has raised its first-ever round of growth capital worth $16 million from private equity firm Faering Capital.

With this investment, Bakingo said it is looking to further strengthen its distribution footprint by expanding from 75 dark kitchens to 150 and entering 10 new cities.

Founded in 2016 by Himanshu Chawla, Shrey Sehgal and Suman Patra, the company plans to open exclusive brand stores for customers to experience the product and to invest in technology to enhance its production, supply chain and forecasting capabilities.

“This growth capital investment by Faering Capital will propel us in executing on our vision and scaling nationally,” said Chawla.

The company recently expanded its operations to Jaipur, Chandigarh, Lucknow, and a few smaller cities such as Meerut, Panipat, Karnal, and Rohtak.

“We admire how the Bakingo team have built a Rs 200 crore profitable brand that consistently delivers customer delight across the country. Faering Capital is delighted to invest the first growth capital round and partner with Bakingo for their next stage of growth,” said Sameer Shroff, Co-founder and Managing Director of Faering Capital.

Post the transaction, Sameer Shroff will join the board of directors of the company.

The Bakingo founders have also successfully established Flower Aura, an e-commerce business specialising in gifting.