Uber co-founder Travis Kalanick owned CloudKitchens raises $400 million from Saudi Arabia’s wealth fund

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CloudKitchens, a food delivery startup, which is owned by Travis Kalanick, the co-founder of Uber, has bagged $400 million (approx INR 2,851 crore) funding from Saudi Arabia’s sovereign-wealth fund, reported Yourstory.

According to the sources, the funding was completed in January after which the CloudKitchens was valued at $5 billion.

The CloudKitches is a subsidiary of Travis Kalanick’s Los Angeles-based company City Storage Systems.

Besides CloudKitches, Kalanick also owns the food delivery platform Uber Eats.

Rebel Foods, an Indian cloud kitchen outfit, and a parent company of Faasos, had reportedly, raised an undisclosed amount of funding from Travis Kalanick.

According to the sources, the capital has been infused in Rebel Foods through City Storage Systems, a real estate venture owned by Travis Kalanick.

While, as per the reports, the online food ordering market is estimated to touch around $17.02 billion by 2023.

Some of the similar category startups driving under the equal banner include UberEats, Swiggy, Food Panda, Zomato, etc.

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