APN News

  • Monday, July, 2024| Today's Market | Current Time: 12:02:40
  • V3 Ventures and Amit Jain-backed Crème Castle raises INR 7 crore

    Published on June 15, 2024

     Noida-headquartered customised bakery start-up Crème Castle today announced the closure of a seed funding round at INR 7 crore from the likes of V3 Ventures spearheaded by veteran D2C venture capitalist Arjun Vaidya, Amit Jain, CEO & Co-founder of CarDekho, and Indian Silicon Ventures among other angel investors.

    Per reports by CRISIL , the Indian bakery market is expected to grow between 11-12% between 2024 to 2028, to reach INR ~1,850 billion by FY2028. Additionally, India is increasing its spending on celebrations; and social media has created a rise in demand in Tier 2 and Tier 3 cities. This can be attributed to a combination of factors, such as the increasing affluence and purchasing power of the middle class and infrastructure development.  

    Speaking of the fund raise, Pranjay Mittal, CEO of Crème Castle opined, “The bakery space in India has seen tremendous evolution over the years, from single-city specialists such as Smoor in Bangalore to Bakingo nationally to Theobroma as a sub stack. Moreover, consumers are increasingly embracing small and big celebrations, reflecting a growing enthusiasm and a desire to mark special occasions. This speaks to the headroom for space, and the reasons our investors believe Crème Castle will be among the top-three in the space nationally, by the year 2026.

    Amit Jain, CEO & Co-Founder, Cardekho, said, “Customised bakery presents an immensely exciting market opportunity. With the right support and guidance, I firmly believe that Creme Castle will swiftly establish new benchmarks and emerge as a formidable leader in India’s premier metropolitan regions. The business exhibits ample potential for sustained long-term growth and we’re thrilled to partner with Pranjay and Veena on this transformative journey.” to which added Arjun Vaidya of V3 Ventures, “The pace and sustenance with which Veena and Pranjay have managed to grow Crème Castle reflects the kind of commitment and control with which we have built several businesses at V3 Ventures. Our network of consumer brand investees across Bharat, the USA, and Europe benefit from each other, and this is what we know will help Crème Castle actualise its vision”.

    Established in 2013 by mother-son duo, Creme Castle recognised its potential early in the market, and has since become Delhi NCR’s #1 customised cake bakery. The startup has also appeared on Season 3 of Shark Tank India, and has 10 lakh loyalists nationally, with a 60% repeat rate.

    Crème Castle today has a delivery presence across 20+ pin codes and the next phase of growth will come from the Delhi-NCR, Jaipur, and Chandigarh geographies, followed by rapid scale-up to 15 Tier-1 and Tier-2 cities, as well as multiple Tier-3 geographies by FY2025. The brand today generates 65+% of its revenues from its own digital channels, with the remaining coming from ecosystem players such as Zomato and Swiggy. Pranjay joining the decade-old business in 2018 led to rapid technologisation, which in turn has increased scale and scalability multifold.

    Crème Castle aims to sustainably scale to 80 locations by 2026, with the priority list being Haryana, Punjab, Rajasthan, Gujarat, Maharashtra, Karnataka, Andhra Pradesh


    Leave a Reply