GOPIZZA raises Rs 200 cr. Series C Funding to Fuel Expansion Plans in India
Oct 17, 2022
Bangalore (Karnataka) [India], October 17 (ANI/NewsVoir): Korea-headquartered pizza brand GOPIZZA has raised Rs 200 cr. (30 Billion Korean Won) in a Series C funding round co-led by GS Ventures, CJ Investment, Mirae Asset Securities, NCORE Ventures, Woori Bank, Capstone Partners, Big Basin Capital, DS Asset Management, and Pureun Investment. The fresh capital will be utilized for aggressive expansion plans in the country, backed by new-age robotic and AI technologies.
GOPIZZA is known for its one-person, oval-shaped, fire-baked pizza with quick serving speed and affordable price. With 160 outlets across South Korea, Singapore, Indonesia, India, and Hongkong. In India, the brand has 15 outlets and opening its first store in Hyderabad next month. The brand aims to reach 25 outlets by the end of 2022 and more than 100 stores by 2023. The single-serving pizza brand will also introduce its patented in-house technology - The GOVEN, an automatic pizza oven, the 'GOBOT' a cooperative robot, and the 'AI Smart Topping Table' to ensure timely, standardized quality and service to customers at all outlets.
Buoyed by the inflow of new capital, Mahesh Reddy, CEO, of GOPIZZA India, says "The funding raised will allow us to massively scale our operations across the country and further cement our position in the Indian market in an aim to become the pan-India market leader in the segment. Our expansion plan is to launch 100 stores by 2023. The funds will also be deployed to bring the brand's famed technology to all outlets in India providing speedy, superior quality pizzas that GOPIZZA is known for and loved by customers worldwide."
The brand's strategy in India since inception has been tailored to the tastes of the market with a localized menu, different from that of Korea and Singapore. In the next few years, GOPIZZA will establish outlets in Pune, Chennai, Delhi, Mumbai, Hyderabad, Ahmedabad, Kolkata, and some key Tier 2 cities including Chandigarh, Jodhpur, Jaipur and Kochi. Globally the brand will foray into new markets of Thailand, Malaysia, Vietnam and United States.
Jae Won Lim, Founder, and CEO of GOPIZZA, says, "Owing to our great performance in the last few years, we are delighted to announce a big round of funding. India is a key market for us and a majority of the investment will be directed to the Indian market where we plan to expand to more than 100 stores by 2023. We are very excited to bring the Korean vibe and our state-of-the-art food technology to the fastest-growing market in the world."
GOPIZZA's first outlet in the country opened in Bangalore in 2019 offering one-person pizzas of superior quality at competitive prices. The brand has previously raised 20 million USD in funding from Woori Bank, Capstone Partners, Big Basin Capital, DS Asset Management, and DSC Investment.
In 2016, 27-year-old Jae Won (Jay) Lim started serving tasty, one-person-sized pizzas from a food truck on the premise that pizzas could be inexpensive when eaten by an individual alone. Spurred by the immense popularity of these oval-shaped pizzas, he established his first outlet in South Korea in 2017 and since then GOPIZZA has seen explosive growth in 5 countries with over 160 stores. The Korean brand, with its unique take on pizza, now aims to make people consider it a single-serving dish, with a goal to expand to more than 300 locations in the next 2 years making it a truly global pizza chain.
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