Ghost Kitchens India Expands with Acquisition of Shy Tiger Brands in Gujarat

Ghost Kitchens India Expands with Acquisition of Shy Tiger Brands in Gujarat

By Nithyakala Neelakandan

Published on April 13, 2024

Ghost Kitchens India, a leading food-tech platform, has acquired Shy Tiger Brands, a prominent cloud kitchen company headquartered in Ahmedabad. This acquisition follows Ghost Kitchens’ recent successful fundraising round of $5 million USD in February 2024, showcasing the company's financial strength and growth trajectory.

Established in 2018, Shy Tiger operates five multi-brand cloud kitchens across Ahmedabad, boasting an impressive annualized run rate (ARR) of INR 5 crores. Notable brands under its portfolio include KBOB’s and The Black Chimney. Ghost Kitchens’ acquisition of Shy Tiger aims to integrate its own brands into Shy Tiger’s infrastructure, thereby strengthening its foothold in Gujarat.

Commenting on the acquisition, Karan Tanna, Founder & CEO of Ghost Kitchens, expressed optimism about scaling existing brands and expanding into Ahmedabad and the wider Gujarat market. Tanna highlighted the strategic benefits of leveraging brand loyalty and high customer retention rates, anticipating improved unit economics and substantial revenue growth.

Ghost Kitchens has a track record of strategic acquisitions to enhance its operational capabilities. Previous acquisitions include technology firm WTF in 2022, enabling the development of proprietary technology, and Speak Burgers, led by celebrity Chef Vicky Ratnani, in February 2023, with plans for offline retail expansion.

Milapsinh Jadeja, Director of Shy Tiger, expressed confidence in Ghost Kitchens’ operational model and technological prowess, endorsing the partnership and validating Ghost Kitchens’ business strategy.

Founded in 2019, Ghost Kitchens operates over 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad, along with 1200 internet restaurants across 40 cities in India. With a focus on expanding its company-owned footprint, launching celebrity-endorsed brands, and venturing into retail, Ghost Kitchens aims to achieve an annualized revenue of approximately 200 crores within the next 2 years.

The acquisition of Shy Tiger Brands marks another milestone in Ghost Kitchens’ growth journey, signaling its commitment to delivering innovative dining experiences and expanding its presence across India.


Spalba Eyes ₹100 Cr Turnover by FY26, Expands into 6 Asian Markets

Spalba Eyes ₹100 Cr Turnover by FY26, Expands into 6 Asian Markets

By Nishang Narayan

Published on May 30, 2025

Spalba, a SaaS-enabled B2B venue marketplace, has set its sights on a ₹100 crore turnover by FY 2026. The company recently closed FY 2025 with a consolidated turnover of ₹60 crore, marking an impressive 3000% year-on-year growth since its inception just five years ago. What makes this journey even more remarkable? Spalba remains fully bootstrapped and profitable, a rarity in today’s startup ecosystem.

Driven by innovation, Spalba is expanding rapidly across Asia. The platform has entered six new markets—Malaysia, Vietnam, Sri Lanka, Myanmar, Bhutan, and Nepal—taking its VenueTech vision global. Back home, the company plans to grow its venue inventory from 11,000 to 13,000 and expand property listings from 2,067 to 4,500 by FY26, effectively doubling its offering and increasing its presence in over 80 Indian cities.

“Our journey from a bootstrapped startup to a ₹60 crore revenue run-rate has been driven by continuous innovation and an unwavering commitment to customer success,” said Vishal Puri, Co-Founder of Spalba. “With our tech-first approach—combining AR-powered Virtual Property Tours, an Event Mockup Builder, AI-driven sales tools, and more—we expect to cross ₹100 crore by FY 2026 and continue modernizing India’s ₹200 billion events industry.”

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Over 250 marquee properties including The Leela, Radisson Hotel Group, Accor, and The Oberoi have partnered with Spalba to streamline venue sales and boost cross-selling opportunities. The platform not only simplifies the venue booking process with immersive digital walkthroughs but also reduces the need for paperwork and physical site visits—supporting both revenue growth and sustainability for its clients.

Founded in 2020, Spalba is redefining event planning by making venue discovery and booking faster, smarter, and more collaborative. Its roadmap to ₹100 crore highlights a focus on scalable innovation, customer-centric solutions, and long-term value creation—all without raising external funding.


Starbucks India Faces 65% Surge in Losses in FY25 Despite Modest Sales Growth

Starbucks India Faces 65% Surge in Losses in FY25 Despite Modest Sales Growth

By Nishang Narayan

Published on May 27, 2025

Starbucks India posted a 5% rise in revenue to ₹1,277 crore in FY25, but the good news ended there. Losses widened significantly by 65% to ₹135.7 crore, up from ₹82 crore in the previous year, reflecting the growing strain on profitability amid soft demand in the quick service restaurant (QSR) segment.

Operating under a 50:50 joint venture with Tata Consumer Products as Tata Starbucks Pvt Ltd, the company noted that almost half of the losses—₹67.6 crore—were borne by Tata Consumer. According to the brand’s annual report, demand across the QSR space remained muted through most of the year, though a rebound was noted in the latter half. Still, profitability remained under pressure.

Despite the headwinds, Starbucks continued to expand, opening 58 new outlets and entering 19 new cities, including several in tier-2 markets. However, this was a notable slowdown compared to the 95 new outlets launched in the previous year. As of now, Starbucks operates 479 stores across 80 Indian cities.

The company remains optimistic about long-term growth in India. “We remain committed to increasing our store base in India and get to 1,000 outlets by FY28, despite a more moderate number of store openings in the short term,” Starbucks said in a statement.

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Tata Consumer Products Chairman N Chandrasekaran addressed the broader economic landscape, noting that India remains a stronghold of economic growth amid global uncertainty. “India’s long-term growth is underpinned by strong demographic and economic fundamentals and ongoing structural reforms,” he told shareholders.

However, rising competition from both international and domestic brands continues to challenge Starbucks’ market share. Rivals like Tim Hortons and Pret A Manger have entered the Indian market with aggressive expansion plans, while homegrown brands like Third Wave Coffee and Blue Tokai already operate more than 250 outlets combined.

A senior QSR official highlighted a key operational challenge: “Starbucks’ revenue per square foot is about 35% lower compared to metros. Also, city stores seem to be cannibalising heavily after it opened stores at a record pace in cities such as Mumbai and Delhi.”

While a strong takeaway culture offers a margin boost, uneven store performance continues to drag the bottom line. Some stores thrive, but others suffer from low footfalls and declining revenue per square foot, affecting overall profitability.

With the coffee wars heating up and Indian consumers spoilt for choice, Starbucks will need more than just store count to brew up sustained success in the coming years.


OYO Adds 3500 Corporate Clients in FY25, Sees 20% YoY Growth

OYO Adds 3500 Corporate Clients in FY25, Sees 20% YoY Growth

By Nishang Narayan

Published on May 18, 2025

OYO is riding high on its corporate wave. The global hospitality tech brand has added over 3500 new corporate clients in FY25 through its business accelerator division, marking a 20% year-on-year growth in this segment. With this, OYO’s corporate network now exceeds 6500 clients, ranging from large enterprises to traditional business houses and startups.

Mumbai emerged as the top-performing city, onboarding over 700 clients, followed by Hyderabad (400) and Pune (350). Other metros such as Chennai and Bangalore also contributed significantly to the growth.

Some of the key additions to OYO’s client roster include SBI Life, Cult Fit, and Sun TV Direct, further strengthening its footprint among large, pan-India brands.

The growth momentum picked up following the launch of Oravel Travel Solutions in October 2024—a dedicated vertical to meet the end-to-end needs of corporate travellers. From smooth check-ins at over 1100 serviced hotels across 300+ cities, curated meal options and conference support, to tailor-made event and holiday packages, OYO has positioned itself as a comprehensive solution for business travel.

Manish Kashyap, Head of OYO Business Accelerator, noted:

“The growth has been driven not just by large corporations but also by a diverse mix of SMEs, traditional business houses, startups, travel management companies, and even film production houses. These clients are increasingly leveraging OYO’s expansive network, flexible bookings, and tech-enabled tools to meet their evolving travel needs.”

OYO also witnessed a rise in long-term and event-based stays, signaling a shift in how businesses engage with hospitality solutions.

With a strong pipeline ahead, OYO aims to double down on its premium brand offerings like SUNDAY, Palette, Clubhouse Townhouse, Townhouse O, and Collection O.

According to the Global Business Travel Association, India has become the 4th largest business travel market in Asia-Pacific, with rising SME activity playing a major role. These trends have set the stage for OYO to scale faster and meet the evolving demands of modern corporate travel.

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