The Food delivery startup CloudKitchens, owned by the former Uber Co-founder and CEO Travis Kalanick, has successfully secured a funding of $400 million from Saudi Arabia’s sovereign-wealth fund.
Kalanick’s first-hand exposure
According to the Wall Street Journal, the deal marks the coming together of the co-founder of the US-based ride-hailing giant and the Saudi fund, which has been a backer of Kalanick. It asserted that the funding was performed in January and valued CloudKitchens at 5 billion dollars.
The level-up of Kalanick’s food business is no surprising update as before this,
- he had gained exposure to this sector through the Uber technologies food branch Uber Eats business.
- CloudKitchen is equally famous as ghost kitchens.
What is the future of food markets in India?
The online food business is on the rise. With online food deliveries and surging disposable incomes, the food market in India is expected to reach $17.02 billion in the next four years. Earlier this year, reports surfaced that Kalanick’s City Storage Systems had invested in Pune-based Rebel Foods that operates eleven cloud kitchens involving Faasos and Behrouz Biryani. It was speculated to be the move to enter the world’s fastest-growing online segments.
The venture allows restaurants and eateries to add news business without leasing physical space. Moreover, according to a report by Bloomberg, CloudKitchens is supposed to have acquired a London-based dark Kitchen startup, FoodStars.