Food-tech startup Adonia Hospitality has raised $1 million in a seed round from Pepperfry founders Ambareesh Murthy and Ashish Shah. The funds will be sent to set up 6 additional restaurants in the following a half year.
The four-months-old company is presently operating in the casual dining and cloud kitchen fragment and is gearing up to expand in packaged and frozen food.
Founded by Rupesh Kumar Shah, the firm has 6 restaurants in its portfolio and is presently profitable at an ARR of Rs 7 crores for FY 21-22 with a month-on-month development of 7-9% and aims to operate an organization of 200 restaurants with an annual income estimate of Rs 135 crores.
The startup as of now claims brands like Bread Butter Beyond, ninth Street Pizzeria along with Mia Cucina, which it acquired in July 2021.
