The street food restaurant chain, Yumlok, is reportedly in talks with investors to raised funding to the tune of $1 million by the end of the current fiscal year. The company is primarily looking to raise funding to execute its expansion plans.

The startup currently operates 4 outlets and plans to open at least 50 outlets  across the country , by the end of 2020. Yumlok aims to open its outlets in metropolitan cities as well as tier I and tier II cities such as Ahmedabad, Kanpur,Lucknow, Bhopal etc. The company is planning to expand its footprint across the country through a combination of company-owned and franchised outlets.

“We are in talks with investors to raise $1 million by March. We plan to use this fund to open new outlets, marketing, and brand building,” said Yumlok Founder and CEO, Avinash Gupta.

The Bengaluru-based street food restaurant had raised an undisclosed amount in angel funding, in 2016, from Naman Sarawagi (who has also invested in Cashfree and DailyNinja) and Ashish Agarwal (who is the founder of Digital Harbor and a member of Mumbai Angels) .

Yumlok’s menu consists of North Indian meal combos, Delhi style chaat and certain Indo-Western fusion dishes. The street food business is estimated to be worth approximately Rs. 3 trillion while the organized sector accounts for 20 per cent of the market.

(Picture courtesy: foodntraveldiaries.files.wordpress.com)