Multi Brand
Cloud Kitchen
Season 3 Episode 29
| Brand | Eatverse |
| Company Name | Eatverse Vision Foods |
| Founders | Harsh Kandoi, Pulkit Kejriwal, Aadarsh Choudhary |
| Original Ask | 1 crore for 1% equity at the valuation of Rs. 100 crores |
| Deal | 60 lakhs for 3% equity at the valuation of Rs. 20 crores and 3% royalty until 1.2 crores is recouped |
About the Product
At EatVerse, decision-making becomes a breeze as they curate an array of trustworthy, hygienic, and top-quality food options tailored to suit every mood, effectively lifting the weight of choice overload from your shoulders. With a repertoire boasting eight distinct brands, ranging from sumptuous Biriyani to succulent Burgers, tantalizing Chinese delicacies, and beyond, EatVerse ensures that no craving goes unanswered. Their delectable offerings are conveniently delivered right to your doorstep, promising a culinary journey that transcends mere satisfaction to reach the realm of pure foodgasm. At EatVerse, every dish finds its flavourful home, transforming each meal into a celebration of taste and indulgence.
Founders & their story
- Harsh Kandoi
- Pulkit Kejriwal
- Aadarsh Choudhary
Eatverse is a thriving multi-brand cloud kitchen headquartered in Kolkata. With a portfolio boasting 8 distinct brands, Eatverse commenced operations in December 2014 with an initial investment of INR 10,000. Equipped with 6 kitchens in addition to a central base kitchen, Eatverse has successfully fulfilled orders totalling 20 lakhs, facilitated through prominent delivery platforms such as Swiggy and Zomato. Its presence extends beyond Kolkata, encompassing Siliguri as well. Operating on a bootstrap model, Eatverse consistently fulfils an impressive average of 50,000 orders monthly across its various brands. As part of its ambitious growth trajectory, Eatverse aims to achieve an average monthly sales target of 50 lakhs per kitchen, per month, signalling its commitment to expansion and excellence in the culinary landscape.
About the company
Emerging from the cosmic symphony of flavors, EatVerse, a celestial culinary venture, has gracefully descended upon the vibrant streets of Kolkata, bestowing upon its denizens the joy of extraordinary gastronomy. Crafted from the universe’s longing to tantalize palates with the most exquisite, out-of-this-world dishes, EatVerse stands as a galaxy unto itself, comprising diverse food planets, each promising a transcendent culinary odyssey beyond the mundane. The genesis of EatVerse can be traced back to the cosmic event of the big bang, an auspicious occurrence on Christmas Eve in December 2014, heralding the birth of its first brand, Santa Delivers. Subsequently, other celestial entities such as Burger In Law, The Biryani Inc, and Asian Flare emerged, coalescing into a constellation of virtual restaurants under the overarching umbrella of EatVerse. Herein lies a culinary haven where decision-making is simplified, offering trustworthy, hygienic, and quality food options for every craving, thus relieving the burden of choice overload.
Envisioned as the radiant sun nurturing life within the galaxy of EatVerse and its culinary planets, the company’s mission transcends mere product sales. Rather, EatVerse endeavors to foster a community united in the pursuit of goodness, embracing life, philosophy, humour, food, and content. Their cloud kitchens transcend their culinary function, serving as portals to a universe of experiences, where each dish narrates a tale and leaves an indelible imprint on the discerning palate. Pulkit, representing EatVerse, articulated the company’s vision, expressing, “They envision EatVerse not merely as an amalgamation of cloud kitchens, but as a universe teeming with gastronomic wonders. Their mission is to cultivate a food culture where patrons can embark on a journey of exploration and indulgence amidst a kaleidoscope of flavours, all under one celestial roof.”
EatVerse’s growth strategy revolves around expanding its cosmic footprint across Kolkata, disseminating its unique culinary offerings to diverse neighbourhoods and communities. Their aspiration is to become the quintessential destination for food enthusiasts, solidifying their position as a pivotal player in Kolkata’s dynamic culinary landscape.
Revenue
Eatverse has demonstrated impressive financial performance, with FY 23-24 (till October) witnessing annual sales amounting to 10.7 crores, slightly lower than the previous fiscal year’s figure of 13.1 crores. However, the projected sales for FY 23-24 are estimated to reach between 20 to 21 crores, showcasing a robust growth trajectory. Moreover, the projected EBITDA for FY 23-24 stands at 6%, marking a significant improvement compared to the previous fiscal year’s EBITDA of 1%. Notably, in October 2023, sales amounted to 1.72 crores with an accompanying EBITDA of 6%, underscoring consistent profitability and operational efficiency. Eatverse’s financial outlook reflects its resilience and strategic vision, positioning it as a formidable player in the cloud kitchen industry.
Founders’ Ask
1 crore for 1% equity at the valuation of Rs. 100 crores.
No Deal
Reasons for no deal
Anupam: Expanding into other regions at this point does not make sense for the business.
Namita: Lack of clarity on how the business scale will and give exit to the investors.
Amit: The business should focus on only one region where they are established and grow.
Aman: The valuation is too high, and they should try step by step to expand into other regions.
Ritesh: Ritesh would be interested if they choose to focus only in West Bengal.