Bengaluru's IDC Kitchen Raises Funds From Peter Thiel-backed Velocity Bengaluru's IDC Kitchen (Idli, Dosa, Coffee), a chain of vegetarian South Indian self-service restaurants has successfully secured INR 1.5 Crore debt from Peter Thiel's Valar Ventures-backed financing platform, Velocity.
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Bengaluru's IDC Kitchen (Idli, Dosa, Coffee), a chain of vegetarian South Indian self-service restaurants has successfully secured INR 1.5 Crore debt from Peter Thiel's Valar Ventures-backed financing platform, Velocity.
These funds will be directed towards marketing initiatives and other inventory-related expenses, enhancing IDC's outreach and sustaining its commitment to delivering an authentic South Indian culinary experience. This strategic collaboration with Velocity reinforces IDC's leadership in the Indian Quick service restaurant (QSR) landscape.
"As we embark on the next phase of our journey, IDC Kitchen signifies more than just a culinary service; it's a transformative culinary journey. With the support of Velocity and the unwavering love of our patrons, we are thrilled to bring the essence of South India to doorsteps across the nation. This new chapter, fueled by the recent funding from Velocity, allows us to not only maintain our high standards but also elevate the IDC experience for our valued customers. We are passionate about redefining the dining landscape and are eager to share the authentic taste of South India with enthusiasts everywhere," Abhishek Baldota, Director of IDC - Idli Dosa Coffee.
Established in 2012, IDC Kitchen currently has 11 locations in Bangalore, 2 in Mumbai and 1 in Raichur and INR 30 Crore in revenue per annum, extending the diverse flavours of South India to enthusiasts nationwide.
Atul Khichariya, COO & Co-Founder of Velocity adds, "At Velocity, we are thrilled to contribute to the growth and success of IDC through our recent funding of INR 1.5 Crore. This partnership opens up new avenues in the dynamic landscape of restaurants and QSR chains, and we believe that IDC's commitment to authenticity and innovation aligns seamlessly with our vision. I am confident that this infusion of funds will not only fuel IDC's brand growth but also set new benchmarks in the restaurant and QSR industry. We look forward to witnessing the continued success of IDC as it persistently redefines the culinary experience for patrons across India."
According to Mordor Intelligence, the QSR Restaurant market size is expected to be valued at 38.71 billion USD by 2029 compared to its current valuation of 25.46 billion USD. The rise of online food ordering and factors, such as low start-up costs, ease of operations, and localized menus, are expected to drive the growth further in the coming years. Given the favourable demand outlook, the domestic QSR industry is looking at an aggressive store capex over the medium term.
Velocity, a financier of digital native brands, has been instrumental in funding a range of successful restaurants and cloud kitchens, including Caters Point, Brahma Brews, BurgerRama, Jamie Oliver's Pizzeria, Oven Fresh, Crave by Leena, and Smoor. Beyond IDC, these ventures highlight Velocity's commitment to elevating the restaurant and cloud kitchen industry, fostering innovation, and supporting diverse culinary experiences. This strategic funding approach showcases Velocity's significant role in shaping the success of various culinary ventures across different cuisines and concepts.
