Description
Dear Angels,
Hope you and your family are doing well.
This investment opportunity is for a follow-on funding round for one of our portfolio companies – Auntie Fung’s
Overview Of Auntie Fung’s
Auntie Fung’s is a Pan-Asian value-focused QSR brand that aims to deliver Asian Food to each home at affordable prices (Meal for two~INR 600) through their cloud kitchens set up across Bangalore & Delhi-NCR.
Problem & Market Size
Currently, the Total Organised F&B Market in India is at INR 166K Cr with the Chinese & Pan Asian restaurant market being worth over INR 30K Cr. However, in India, it is restricted to fine dining brands or starts & ends with numerous Indo-Chinese cuisine brands. There is a clear absence of a leading Pan-India Asian Street food brand in the QSR space that is affordable as well as delicious.
Solution
Auntie Fung’s aims to offer an eclectic mix of popular street food from the countries of Asia – with traditional Chinese items acting as a strong hook to the Indian consumer. It is a QSR chain with full Kitchen automation, a seamless supply chain along with measurable SOPs which ensure consistent product delivery to help build a world-class brand. Thus Auntie fung’s aims to provide Asian street food at affordable price points and become the face of Pan Asian street food in India, in a quick service, affordable format.
About the Founders
Subhradeep Bhowmik – Founder- has an M.B.A in marketing, has over 11 years of experience in Sales and BD in Technology, Financial Services & FMCG sector (TCS, GE, J&J). He is Responsible for Overall Strategy, Sales & Business Development, Operations & Finance at Auntie Fung’s.
Satrajit Das – Co-Founder- has an M.B.A in marketing, has over 12 years of experience in Consumer insights in the FMCG & Telecom sector (Airtel, AC Nielsen) and has Rich experience in leading large teams and driving growth with a Proven track record in understanding consumer insights. He is responsible for Product development, Operations, Marketing and Technology at Auntie Fung’s.
Key Highlights
Following are a few highlights of Auntie Fung’s since becoming a part of Lead Angels’ portfolio-
- Expanded to 12 stores in 2 cities, from 6, with an average revenue per store of INR 8.9L.
- They closed FY-23 at ~INR 12 Cr, with a current MRR of INR 1 Cr
- Average Order Value INR 510 and an Avg. customer acquisition cost of INR 170.
- Avg. Rating of 4+ on Zomato with an increase in Customer repeat rate to 45%
- Winner of Times Food & Nightlife Awards: Best Pan-Asian Food Delivery Brand 2022
- Post the current round it plans to scale revenue by 1.8-2X MRR in the next 9-12 months
Details of the Round:
The company is looking to raise INR 2.5 Cr (50 L From Lead Angels) at a pre-money valuation of INR 32 Cr. They have received hard commitments of INR 50 L from Angels and INR 50 L from IAN, with soft commitments and conversations for another INR 1 Cr in the pipeline.
The investment in Auntie Fung’s for new members is open only through our SEBI-registered AIF Category 1 VCF Angel Fund, Lead Angels Fund. Existing Shareholders of Auntie Fung’s are also encouraged to invest any additional amounts to increase their existing shareholding in the company.
The minimum commitment to the company for new members is INR 5 Lakhs* through the Lead Angels Fund. In case commitments exceed the allocated amount, allotment will be on a “First Come, First Serve” basis.
