There's a certain vote of confidence in an investor coming back for seconds. Faering Capital, the private equity firm that first backed online bakery startup Bakingo in 2023, has now doubled down with a fresh Series B round of Rs 100 crore, roughly $10.5 million, nearly three years after its last cheque of $16 million.
The mechanics of the round are laid out in a filing with the Registrar of Companies, where FA Gifts Pvt Ltd, Bakingo's parent entity, allotted 7,436 Series B preference shares priced at Rs 1,34,477 apiece. The company says the money will go toward general business needs and funding its next phase of growth and expansion. What stands out most, though, is the jump in valuation, up 2.6X to Rs 1,643 crore, or about $173 million, from Rs 627 crore in its Series A round.
Bakingo has been building its cake business since 2016, when founders Himanshu Chawla, Shrey Sehgal, and Suman Patra set out to take dessert delivery beyond the standard birthday-cake playbook. The brand now runs over 100 kitchens spread across more than 30 cities, offering upwards of 400 distinct cake designs, from cheesecakes and jar cakes to elaborate customised orders for every occasion imaginable. With this latest allotment, Faering Capital's stake in the Gurugram-based company now stands at 26.31%.
The numbers behind the growth still tell a mixed story. Bakingo hasn't yet filed its FY26 financials, but FY25 showed revenue from operations of Rs 300 crore against a loss of Rs 16.5 crore, according to its standalone filings. A near-tripled valuation on the back of that scale suggests investors are betting the path to profitability is closer than the loss line alone might suggest.
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