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Mumbai: Bengaluru-headquartered VRO Hospitality, which operates 42 lounges and bars in the country, has raised $10 million in a bridge funding round led by Axis Bank and venture capital firm Gruhas, which is backed by Zerodha co-founder Nikhil Kamath..
This funding round marks a pivotal moment for us, empowering our efforts to redefine the hospitality experience through innovation and unwavering commitment to excellence," said Dawn Thomas, co-founder and CEO of VRO Hospitality, who started the firm in September 2020, after selling his events company SteppinOut to DineOut, a Times Internet company that was subsequently acquired by food-ordering platform Swiggy..
VRO Hospitality has ambitious expansion plans, and aims to have 55 restaurants by the end of this financial year, with a topline of 300 crore, and 250 restaurants in the next four years, with $250 million in annual revenues, Thomas said..
This successful bridge will help VRO Hospitality accelerate growth, expand its reach, and further solidify its position as a reputable brand and a disruptor in the dining industry," said Abhijeet Pai, co-founder, Gruhas..
While 40% of business comes from casual dining, 25-30% is from premium, and the remaining from luxury brands," Thomas said. . Currently, VRO Hospitality operates outlets in key metro areas, including Bengaluru, Mumbai, Pune, Kolkata, Kochi, Ooty, and Hyderabad..
