Hyderabad-based fast food chain operator Red Sprout Foods Pvt Ltd, which currently operates take-away centres at its home city under the Hello Curry brand, has raised Rs 3 crore in seed funding from SRI Capital.
The company will use this money for marketing besides augmenting its food menu, as per a report in Business Standard which first reported the news citing the company’s founder Raju Bhupati.
Bhupati said the firm is now looking to raise around Rs 40-60 crore in the second round of funding to fund expansion plans which includes rolling out multiple retail outlets across Hyderabad, Chennai and Bangalore by December next year.
Currently, Hello Curry, founded just three months back, has two kitchens in IT hubs of Madhapur and Gachibowli in Hyderabad.
SRI Capital is led by Sashi Reddi, who turned an early-stage investor after selling independent testing services company AppLabs Technologies Pvt Ltd to Computer Sciences Corp (CSC) in 2011. This would be its second investment in food segment after it backed Big Dosa two years ago. So far, it has largely been focusing on tech startups in India and the US.
(Edited by Joby Puthuparampil Johnson)