Korean pizza brand GOPIZZA said that it has raised $25 million in a series C funding round 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.
Known for its one-person, oval-shaped, fire-baked pizzas, GOPIZZA will use the capital to reach 25 outlets by the end of 2022 and more than 100 stores by 2023 in India, it said. It currently has 15 outlets and is opening its first store in Hyderabad next month.
GOPIZZA’s first outlet in the country opened in Bangalore in 2019 and now plans to open in Pune, Chennai, Delhi, Mumbai, Hyderabad, Ahmedabad, Kolkata, and some key Tier 2 cities including Chandigarh, Jodhpur, Jaipur and Kochi.
Globally, the brand will foray into new markets of Thailand, Malaysia, Vietnam, and the United States, GOPIZZA said in a statement. It currently has 60 outlets across South Korea, Singapore, Indonesia, India, and Hong Kong.
GOPIZZA has previously raised $20 million in funding from Woori Bank, Capstone Partners, Big Basin Capital, DS Asset Management, and DSC Investment. In the Indian market it will compete with brands such as Domino’s, Pizza Hut and Papa John’s.