From College Dreams to $16 Million Funding: Bakingo's Journey of Expansion

Fast-growing bakery brand Bakingo on Monday said it has raised its first-ever round of growth capital worth $16 million from private equity firm Faering Capital.

With this investment, Bakingo said it is looking to further strengthen its distribution footprint by expanding from 75 dark kitchens to 150 and entering 10 new cities.

The company plans to open exclusive brand stores for customers to experience the product and to invest in technology to enhance its production, supply chain and forecasting capabilities.

In 2016, three college friends, Himanshu Chawla, Suman Patra, and Shrey Sehgal, from middle-class families, started Bakingo.

Their journey together began at Netaji Subhas University of Technology, Delhi, where they shared not only the same academic environment but also the same hostel, despite being in different B.Tech programs.

Their entrepreneurial spirit first took shape with Flower Aura, an online platform for flowers, cakes, and personalized gifts, launched in 2010. The venture, which started in a basement in Gurugram, was a challenging yet rewarding experience.


With an initial investment of just Rs 2 lakh, the combined turnover of Bakingo and Flower Aura had touched Rs 135 crore last year.

Suman, the first to graduate in 2006, was joined by Himanshu and Shrey, who graduated a year later. The trio then ventured into different professional fields before coming together to launch Flower Aura.

Shrey, who was studying for his MBA, and Himanshu, who was fully involved in the business, laid the foundation for their first venture. Suman joined them a year later, adding his expertise to the growing business.


“This growth capital investment by Faering Capital will propel us in executing on our vision and scaling nationally,” said Chawla.

The company recently expanded its operations to Jaipur, Chandigarh, Lucknow, and a few smaller cities such as Meerut, Panipat, Karnal, and Rohtak.

“We admire how the Bakingo team have built a Rs 200 crore profitable brand that consistently delivers customer delight across the country. Faering Capital is delighted to invest the first growth capital round and partner with Bakingo for their next stage of growth,” said Sameer Shroff, Co-founder and Managing Director of Faering Capital.

Post the transaction, Sameer Shroff will join the board of directors of the company. – IANS with inputs from TWL Bureau