Creme Castle, a burgeoning bakery startup, has successfully raised Rs 7 crore in seed funding from V3 Ventures, led by venture capitalist Arjun Vaidya, Amit Jain, CEO and co-founder of CarDekho, and Indian Silicon Ventures. This infusion of capital is poised to accelerate Creme Castle’s growth and expansion efforts, especially in tier 2 and tier 3 cities where demand for their products is rising.
According to CRISIL data, the Indian bakery market is projected to grow at an annual rate of 11-12% from 2024 to 2028, reaching sales of Rs 1,850 billion by FY2028. Creme Castle’s CEO, Pranjay Mittal, attributes this growth to increased consumer spending on celebrations and the influence of social media, which have significantly boosted demand for bakery products in smaller cities.
Founded in 2013 by Pranjay Mittal, Creme Castle has already established a strong presence, delivering across more than 20 pin codes. The company aims to scale up rapidly, targeting entry into 15 new markets by FY2025. Currently, over half of Creme Castle’s revenue comes from its own platform, with the remainder generated through food aggregators like Zomato and Swiggy.
Pranjay Mittal expressed confidence in the company’s future, stating, “Consumers are increasingly embracing celebrations, reflecting a growing enthusiasm to mark special occasions. This is one of the reasons our investors believe Creme Castle will be among the top-three players in this specialized bakery space by 2026.”
The strategic investment from V3 Ventures and other prominent backers underscores the strong potential and market position of Creme Castle. With this funding, the company is well-positioned to enhance its product offerings, expand its market reach, and solidify its place as a leading player in the Indian bakery industry.