Legit Group, a Jakarta-based multi-brand cloud kitchen operator, has raised $9.35 million in a Series A round from MDI Ventures, SMDV, and East Ventures, according to its latest regulatory filings.

DealStreetAsia has learnt that the round is still ongoing.

MDI Ventures invested $5 million, while SMDV and existing investor East Ventures contributed $2.35 million and $2 million, respectively, show Legit's, filings with Singapore's Accounting and Corporate Regulatory Authority (ACRA).

East Ventures had led Legit Group's $3 million seed round announced in September 2021.

The round comprises Series A1 shares, which will be allotted to East Ventures, and Series A2 shares, which will be subscribed to by MDI and SMDV.

The pre-Series A2 valuation of the company was $40 million.

The recent filings also indicate that the company could raise an additional amount of up to $4.65 million in the round. In addition, SMDV is buying ordinary shares from existing Legit shareholders worth $325,000.

DealStreetAsia has reached out to the company about the new funding round.

Established in February 2021, Legit Group was formed through a partnership among F&B specialist Ismaya Group, Yummy Corp, and GK Hebat. The latter was created by Kaesang Pangarep, an entrepreneur who happens to be the son of incumbent Indonesian President Joko Widodo.

Besides Pangarep, Legit Group is helmed by Sumarno Ngadiman, whose experience in the culinary world spans over two decades. Ngadiman is also the founder of Eatwell Culinary Group, Known For Brand such as Ta Wan and Ichiban Sushi.

Legit Group uses predictive modelling to improve kitchen efficiency and reduce costs, the company had said earlier. It has four brands with more than 112 points to create and deliver over 22 menus to its costumers, according to its website.

Indonesia is considered to have the largest food delivery service market in the region, according to Statista, even though it is fraught with challenges. Last year October, Southeast Asian super app and ride-hailing giant Grab decided to close its cloud kitchen business in the country due to inconsistent growth.

DealStreetAsia