Biryani is the biggest category in the Indian food delivery division, expected to be over 25% of the overall food delivery business. Biryani By Kilo was established in 2015 is now present across 25 cities and above 60 outlets, with around ₹150 crore yearly revenues.
On Monday, Biryani By Kilo (BBK) announced it has raised $35 million in a Series B round headed by Falcon Edge Capital, with SBI and current investor IvyCap Ventures’ participation.
The Gurgaon-based business will use the funds to expand its biryani brand nationwide, targeting over 200 outlets by the end of 2024. In addition, BBK is looking to foray into international markets.
Investec India was the exclusive financial advisor to this transaction.
Biryani is the largest category in the Indian food delivery sector but has historically been notably localized, ruled by small independent businesses with changeable quality and flexibility, the company stated in a statement. This is in contrast to burger and pizza categories, where the leading 2 or 3 players overlook the market with over 80% share, it added.
Founder Vishal Jindal told, “We are delighted to close our Series B fundraise and have Alpha Wave | Falcon Edge on board as we look to continue to consolidate our position as India’s leading biryani brand and take BBK worldwide. BBK would also be looking at acquiring other F&B cloud kitchen brands which can be scaled pan India with our expertise in the supply chain, technology & marketing. We are grateful to the support of our existing investors IvyCap and the Chand group.”
Navroz Udwadia, Co-founder and Partner, Alpha Wave Ventures, Falcon Edge said, “BBK has built a strong brand with a scalable business model and best-in-class unit economics. We are excited to partner with Kaushik and Vishal and support them in their journey to build India’s most loved biryani brand.”