VRO Hospitality raises USD 3 million in Series-A funding round

Bengaluru-based hospitality chain VRO Hospitality on Tuesday said it has raised USD 3 million (about Rs 22.5 crore) in Series-A funding.

The funding was a mix of equity and debt, led by CreedCap Asia Advisors, along with other undisclosed angel investors, it added.

VRO Hospitality owns and operates food and beverage (F&B) brands such as Mirage, Hangover, Badmaash, Nevermind, and Tycoons in Bengaluru.

The fresh funding will help VRO to expand its horizon to Mumbai, Goa, and Chennai.

About 80 per cent of the fresh capital will go into new projects, 10 per cent on technology and team building, and 10 per cent on cloud kitchen brands, the company said.

Its co-founder Dawn Thomas said, ''Our funding comes at a time when the hospitality industry across the globe is struggling due to the impact of the COVID-19 pandemic.'' Thomas added that the confidence of investors in the company is a testament to the growth potential that it has delivered so far. ''We are focussed on our growth mode and this fresh round of funding will help us to stay on the trajectory for success.'' PTI KRH HRS hrs