Exclusive: Indian QSR chain Happy Hakka planning to raise $5-8m for expansion

from Happy Hakka homepage

Happy Hakka, a quick service Asian restaurant chain, plans to raise between $5 million and $8 million to fund its expansion in north India, said one of its existing investors.

The Delhi-based venture had got Rs 1 crore in seed funding from Ajay Relan, managing partner of mid-to-growth stage private equity firm CX Partners, and a similar investment from Gautam Ghai, founder of SourceFuse, an investment firm that helps startups with their operations and takes a small stake.

Happy Hakka currently has three outlets in Delhi, and one in Noida. It plans to expand to 50 outlets in the next 24 months. Much of the planned funding will go towards that, Ghai said in a chat with DealStreetAsia. The chain takes orders through its website and its app, apart from food delivery platforms such as Foodpanda and TinyOwl.

Happy Hakka currently serves 400-450 orders a day, out of which 80 per cent are from existing customers. The stores are delivery-only, and not restaurants. The food is prepared at a company-owned central kitchen that supplies to its outlets, which in turn deliver to customers in their assigned areas. That has helped them keep costs down, and is among the first such operations in Delhi. Mumbai-based Noodle Play has a similar model.

The firm has appointed Red Dot Advisors to help raise the funds in the next 2-3 months.

Also read:

India: What’s happening at Zomato and Tiny Owl isn’t unexpected

India: Food startup Hello Curry eyes national expansion

Kitchen-on-cloud business Twigly gets $200k from angel investors

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.