Bakingo, an online cake delivery startup, has successfully raised $16 million in its first round of growth capital. The funding was led by private equity firm Faering Capital. The company plans to use the funds to strengthen its distribution network. Specifically, Bakingo aims to expand from its current 75 dark kitchens to 150 while also expanding into 10 new cities. Additionally, the company plans to create exclusive brand stores to offer customers an immersive experience. Bakingo also plans to invest in technology to improve its production, supply chain, and forecasting capabilities.

Bakingo is a startup that was founded by Himanshu Chawla, Shrey Sehgal, and Suman Patra. The company is known for its wide variety of cakes and desserts, which includes popular treats like Cheesecake, Gourmet Cakes, and Jar Cakes. With over 100 SKUs in their catalog, Bakingo offers an impressive range of customization options, with more than 200 cake designs to choose from. They promise to deliver orders within 2 hours in 13 cities and have recently expanded their operations to Jaipur, Chandigarh, Lucknow, as well as smaller cities like Meerut, Panipat, Karnal, and Rohtak. The company is headquartered in Gurugram.

Faering Capital, a prominent private equity firm based in India, has successfully raised more than $720 million across three funds and has established partnerships with 30 companies. This investment marks the fourth venture of Faering Capital from its $346 million Fund 3. The company's diverse portfolio includes notable entities such as Go Digit General Insurance, Niva Bupa Health Insurance, Vastu Housing Finance, Nykaa, Plum, and Finova Capital.