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The acquisition follows Ghost Kitchens’ successful fundraising round earlier in February 2024, where the company secured USD 5 million in equity and debt, showcasing its robust financial position and strategic foresight.

Established in 2018, Shy Tiger operates five multi-brand cloud kitchens across Ahmedabad, with an annual run rate (ARR) of INR 5 crores. Led by Director Milapsinh Jadeja, the company has built a strong portfolio featuring renowned brands such as KBOB’S and The Black Chimney. Ghost Kitchens’ acquisition of Shy Tiger Brands aims to consolidate its presence in Gujarat while integrating its existing brands into Shy Tiger’s infrastructure.

Commenting on the acquisition, Karan Tanna, Founder & CEO, Ghost Kitchens, said, “KBOB’s and The Black Chimney are 15-year-old brands in Ahmedabad. We saw this as an opportunity to scale these brands and expand our presence in the Gujarat market. Moreover, brand affinity and customer repeat ratio give us a strong position to build up a business. Apart from plugging our brands in their existing kitchens, we could improve their unit economics and get a substantial yield from each kitchen in the state.”

Earlier in 2022, Ghost Kitchens had acquired a technology company- WTF which helped them create their proprietary technology, allowing Ghost Kitchens to manage their end-to-end business and to make it more efficient to generate organic revenue, better customer experience, and higher profitability. In February 2023, Ghost Kitchens expanded its portfolio by acquiring Speak Burgers, a venture by celebrity Chef Vicky Ratnani, with plans to establish 25 offline retail stores in the next 18-24 months.

Milapsinh Jadeja, Director, Shy Tiger, expressed confidence in Ghost Kitchens’ business model, praising its use of technology to optimize operations. With Ghost Kitchens’ capabilities, processes, and tech stack, Shy Tiger’s portfolio brands have the potential for nationwide expansion.

Ghost Kitchens, founded in 2019, and operates over 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad, along with 1200 internet restaurants across 40 Indian cities. With its plans for growth, including launching celebrity brands and venturing into retail stores, the company aims to achieve an annual revenue of approximately 200 crores in the next 2 years.

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