Charcoal Eats (India) Announces International Expansion
01 Nov 2018 - QSR startup Charcoal Eats is racing ahead on its plans to foray into international markets starting with Middle East and Europe.
The firm which is currently present in about 30 locations across 11 cities in India is looking to enter Middle East through Bahrain with about 8-10 outlets and then expand to other countries in the area. Beyond Middle East, the firm is also looking to launch in United Kingdom with 4-5 outlets by March next year even as it doubles down on the India market simultaneously.
“Going forward, we will maintain a dual focus for India expansion - opening more outlets in metros (Mumbai, Delhi NCR, Pune, Bengaluru, Chennai and Kolkata); and expanding into tier II cities, which we see as the future growth engines for the food space. Charcoal Eats intends to be at 75 outlets in India and 6 overseas by March 2019,” said Anurag Mehrotra, Co-founder & CEO, Charcoal Eats.
For this international expansion, the firm which has raised Rs 12 crore in investments so far, is looking to team up with franchise partners for increasing its outlets.
Charcoal Eats claims to have clocked about 30,000 orders as of September growing 120% from 13,600 orders in April. The firm said revenue growth too has been strong with a 22% MoM growth from April 2018 to September 2018. Charcoal Eats claims, it is at a revenue run rate of Rs 1 crore for September as compared to Rs 36 lakh as of April. The firm’s pivot from a ‘meals only’ to an ‘all day dining’ menu along with an increase in the outlets across the country have driven most of the growth.
Charcoal Eats works with several aggregators such as Zomato, Swiggy, Foodpanda and Dine Out and has also partnered with Sodexo for partnered with Sodexo for corporate customers.
For FY19, the firm is targeting to reach over 1 million customers consistent with its expansion plans. Charcoal Eats is targeting an annualised run rate of Rs 34-37.5 crore by March 2019 on the back of its outlet expansion both in India and internationally.
The Economic Times