South Korea-based pizza chain GoPizza has bagged US$25 million in a series C funding round to fuel its expansion plan in India.
The round was 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 funding raised will allow us to massively scale our operations across the country and further cement our position in the Indian market…,” said Mahesh Reddy, CEO at GoPizza India. “Our plan is to launch 100 stores by next year.”
The brand currently has 15 stores in the country and plans to increase its store number to 25 by the end of the year. Reddy added the fund will also be used to implement technologies in all outlets in India.
“India is a key market for us and a majority of the investment will be directed to the Indian market,” said Jae Won Lim, founder and CEO of GoPizza.
Known for its one-person, oval-shaped, fire-baked pizza with quick serving speed and affordable price, GoPizza operates 160 outlets across South Korea, Singapore, Indonesia, India, and Hong Kong.
The pizza chain also aims to expand into new markets, including Thailand, Vietnam, Malaysia and the US.