Description
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 LeadAngels’ 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 1.1 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 Series A round it plans to have a total of 25 stores across 3 cities, with an MRR of INR 4 – 4.5 Cr in the subsequent 18-24 months with a clear focus on continued omni-Channel expansion.
Details of the Round:
The company is looking to raise INR 12 Cr (75L From Lead Angels) at a post-money valuation of INR 60 Cr. They have received a term sheet of INR 6 cr from Incubate Fund, INR 2 Cr from IAN and INR 1.5 Cr from Lets Venture.
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.
