Spice Lounge, master franchisee of Buffalo Wild Wings raises $1 million through Klub to open new outlets in Bangalore and Hyderabad
Spice Lounge, the master franchisee of Buffalo Wild Wings, renowned American Sports Bar franchise known for its delectable wings and vibrant sports atmosphere, announced today a successful fundraising of $1 million through Klub, India’s leading Revenue Based Financing platform. The funding infusion marks an exciting new chapter for Spice Lounge, as it has partnered with Klub to manage a mandate to raise another $10 million for its expansion plans in 2024.
With its recent funding, Spice Lounge has swiftly inaugurated two new outlets, including its latest venture nestled in South Bangalore at the Falcon City Mall. These openings signify the brand's dedication to bringing its signature flavours and spirited ambiance to additional cities.
The utilisation of the raised funds primarily revolves around store financing, ensuring that each new outlet resonates with the brand's distinctive essence. The franchisee plans to open 25 outlets in India in 2024 in Tamil Nadu, Kerala, Goa, Maharashtra, and Delhi NCR. Currently, there are 8 outlets of Buffalo Wild Wings in India across Hyderabad and Bangalore.
Mohan Karleja, Managing Director at Spice Lounge, the master franchisee of Buffalo Wild Wings in India expressed his enthusiasm about the funding, stating, "This infusion of funds comes at a pivotal moment for us as we continue our expansion journey in India. We are grateful for the partnership with Klub, which aligns with our vision and recognises the potential of our brand. Our new outlets aim to offer an unforgettable experience, bringing together great food, camaraderie, and the thrill of sports under one roof."
Spice Lounge aims to expand to a quick service restaurant (QSR) model in 2024 and projects a revenue of INR 150 crores by the end of FY 25. The brand was also the official club partners for Sunrisers Hyderabad in the IPL season 2022 and 2023.
Klub, known for its innovative growth financing approach, is excited to be a catalyst in Spice Lounge expansion endeavours. Anurakt Jain, co-founder and CEO at Klub commented, "Store financing plays a crucial role in the dynamic restaurant & hospitality sector especially after the pandemic has subsided with FY22 growth being 11% more than FY20, and Klub is dedicated to addressing this need. Our collaboration with Spice Lounge underscores our commitment to supporting visionary brands. We believe this partnership sets a significant precedent, highlighting the potential for sustainable growth through Revenue Based Financing."
Notably, this collaboration marks Klub as the pioneering Revenue Based Financing player in India to fund an American franchisee, solidifying its position as a trailblazer in the financial technology landscape.
Klub provides digital businesses with fast and flexible capital without having to dilute equity to startups across growth stages in India. Since its inception, Klub has funded 600+ brands in 1600+ investment rounds.
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