VRO Hospitality, a hospitality chain that owns and operates F&B brands such as Mirage, Hangover, Badmaash, Nevermind, and Tycoons, has raised $3 million (Rs 22.5 crore) in a mix of equity and debt funding in a Series A round led by CreedCap Asia Advisors along with undisclosed angel investors.
According to the Bengaluru-based startup, the fresh funds will be used to expand its reach to Mumbai, Goa, and Chennai. About 80% of the fresh capital will go into new projects, 10 percent on technology and team building, and 10 percent on cloud kitchen brands.
Founded by Dawn Thomas, Safdhar Adoor, and Sharath Rice, VRO Hospitality operates multi-format restaurants, cafes, and lounges across 18 outlets in Bengaluru.
VRO also acquired Covid-hit F&B brands like Fava, Café Noir, Plan B, Caperberry, and One Night in Bangkok during the last 12 months amidst the pandemic and has also ventured into cloud kitchen brands with burgers and beyond.
The startup claims that its revenues have seen a four-fold upwards mark since October 2020, and is running at a 20% operating profit.