Biryani By Kilo bags $35 million in funding led by Alpha Wave Ventures
SBI and existing investor IvyCap Ventures also participated in the round.
The Gurugram-based company was founded in 2015 by Vishal Jindal and Kaushik Roy and has over 60 outlets in more than 25 cities.
The company will utilise the funds to further expand its biryani brand targeting over 200 outlets by the end of 2024.
In addition, BBK is looking to expand into international markets and use the capital to acquire other F&B cloud kitchen brands.
Dine-in presently contributes 10% to its revenue. Its revenue run rate for the ongoing fiscal year is Rs 150 crore.
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Navroz Udwadia, cofounder and partner, Falcon Edge Capital said: “BBK has built a strong brand with a scalable business model and best-in-class unit economics.”
Falcon Edge also recently invested $15 million in cloud kitchen startup Hygiene BigBites, ET reported in October.
Cloud kitchens — cooking units devoted to the preparation of delivery-only orders — have flourished on the back of the Covid-19 pandemic.
The total funding for
cloud kitchen startups has doubled in 2021 to $234.2 million as of October, compared with $112.4 million in all of 2020, according to data from industry tracker Tracxn.
Cloud kitchen company Rebel Foods also has plans to expand its brands internationally.
In October, it
announced a partnership with food and grocery delivery company Foodpanda to scale existing brands in international markets by allowing Foodpanda’s restaurant partners to plug and play Rebel Foods brands to expand revenue streams.
ET
reported earlier this month that online and delivery focussed food brands have ballooned in the past 18-24 months as they have emerged as a cost-efficient way to maintain business continuity and expand customer reach in an industry that was hurt badly by the pandemic.
Although businesses are reopening as the pandemic eases, delivery-only brands are ensuring a solid revenue stream, catering to people who would rather order in than eat out.
( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
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