Starting a business has always been a dream for many, but the complexities often deter potential entrepreneurs. However, a new startup called Speed Kitchen aims to make the process seamless. Founded in March 2021 by Paurav Rastogi and Shamin Kapoor, Speed Kitchen assists people in launching their own cloud kitchen in just 4 days. This innovative concept provides co-working spaces for cloud kitchens, enabling brands to avoid the hassle of securing licenses and making hefty investments in setting up a kitchen.

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The company, which is currently operating across 4 cities, partners with over 50 brands, offering them access to more than 130 kitchens across 15 locations. With Speed Kitchen, entrepreneurs can focus on building their food brand without the typical operational challenges that come with running a cloud kitchen.

From Childhood Friends to Business Partners

Paurav and Shamin’s shared passion for food and entrepreneurship began in their childhood. Growing up in the same colony in Delhi, they spent their days playing cricket and indulging in chole-bhature. As they matured, their dream was to create a brand that would empower others to establish food businesses.

Paurav, a civil engineering graduate from VIT, Vellore, had a successful career in the corporate world. He worked with OYO and traveled to places like London, Indonesia, and America. In March 2020, he left his position at OYO to start his own venture. Shamin, who holds an MBA, also worked for a while in the IT sector before joining Paurav in his entrepreneurial journey.

The Birth of Speed Kitchen

In December 2020, the duo decided to launch Speed Kitchen. Their first cloud kitchen opened in Indirapuram in March 2021. The business model works similarly to WeWork but for cloud kitchens—brands do not pay rent but share a percentage of their revenue with Speed Kitchen. The founders first analyse the location’s population and demand before approaching brands to join.

Impressive Growth and Future Projections

Speed Kitchen has seen significant growth in its short time in business. In 2021-22, the company recorded Rs 26.5 lakh in sales, which surged to Rs 1.51 crore the following year. By 2023-24, sales further escalated to Rs 3.25 crore, with this year’s target set at Rs 5.5 crore. Their clients include well-known brands like Daryaganj, Chaayos, and Haldiram.

The company has already raised Rs 2.5 crore in funding, and with Rs 3.5 crore in the bank, Speed Kitchen is on a strong financial footing. The founders initially invested Rs 1-1.5 crore of their own savings to kickstart the business. For a 3% stake, they recently sought Rs 2 crore in investment.

Three Sharks Jump In

In their appearance on Shark Tank India season 4, Paurav and Shamin demanded Rs 2 crore for a 3% stake in their company. After some intense negotiation, they successfully secured a deal with three of the sharks: Ritesh, Azhar, and Kunal, who collectively invested Rs 2 crore for a 6% stake in Speed Kitchen. Despite initial offers from Aman Gupta and the duo of Ritesh and Azhar for Rs 2.5 crore, the final deal was sealed with the three sharks joining forces.