Buffalo Wild Wings’ master franchisee, Spice Lounge, has announced that it has successfully raised $1 million via Klub, the top revenue-based financing platform in India. With a mandate to generate an additional $10 million for its expansion goals in 2024, Spice Lounge has collaborated with Klub to oversee this financing infusion, signalling an exciting new chapter in the company’s history.
Spice Lounge has opened two new locations quickly thanks to recent funding, with its most recent endeavour being tucked away inside the Falcon City Mall in South Bangalore. These openings are a testament to the brand’s commitment to expanding its vibrant atmosphere and distinctive flavours to new places.
Read also – [Funding alert] Alt Carbon Secures $550K Pre-seed Funding Led by Shastra VC
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.”
The primary purpose of the cash raised is to finance new stores, making sure that every new location has the unique character of the brand. The franchisee intends to open 25 locations in Delhi NCR, Tamil Nadu, Kerala, Goa, and Maharashtra by 2024. There are eight Buffalo Wild Wings locations in India as of right now, spread among Bangalore and Hyderabad.
Read also – Energy Storage Platform Livguard Acquires Emuron Technologies
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.”
With this partnership, Klub firmly establishes itself as a forerunner in the financial technology space and becomes the first Revenue Based Financing player in India to finance an American franchisee.
Read also – GlobalLogic Announces Acquisition of Mobiveil
Klub offers quick and flexible funding to Indian startups in all stages of growth without requiring stock dilution. Klub has backed more than 600 brands in more than 1600 investment rounds since its founding.
About Buffalo Wild Wings
Buffalo Wild Wings (BWW) has grown to be the world’s largest sports bar brand since its establishment in 1982. It has captured the palates of foodies in Hyderabad and Bangalore, India. With more than 1,400 locations across 10 countries, BWW is a worldwide phenomenon and a division of Spice Lounge LLC.
Read also – [Funding alert] We Founder Circle’s GIFT City Fund Secures $10 Million
