Biryani by Kilo Raises Around $1M in Pre Series A Round
Funds from senior investors led by Ajay Relan, Founder Chairman- CX Partners to fuel product & technology roadmap of the rapidly growing food tech industry company
Biryani by Kilo (BBK), a premium Biryani chain founded in 2015 by the veterans of the food industry Kaushik Roy and Vishal Jindal, has raised Pre Series A round of funding worth around $1 million from group of investors led by Ajay Relan, Founder Chairman, CX Partners with participation from Vinay Mittal of HT Media Strategy.
This is the second round of BBK's pre-series A funding. Previously, it secured an undisclosed amount in October 2017 and backed by investors, including Chandigarh Angels Network, ex-Evalueserve Chief operating officer Ashish Gupta, GlobalLogic's Sunil Singh and some executives from leading Financial & Legal Firms. The company had received an angel funding of Rs 2.5 crore in February 2017.
The funds will be used to take the company pan India and to scale up by achieving a sales run rate of more than Rs. 40 crores by March 2019. BBK would be raising Series A round early 2019 to take BBK pan India and become Rs 100 Cr+ in next 2 years with healthy profits. With robust partnerships, in the next 5 to 7 years, BBK is targeting to be the leading premium Biryani & Kebab Food Services Company globally and to clock a revenue of more than Rs. 500 crores.
Vishal Jindal, Founder, Biryani by Kilo said, “We have been in the industry for the past three years and are operationally profitable. We are committed to making BBK biggest food services company from India. BBK has attained exceptional figures in the past in terms of revenue & year on year growth, which further helps us in achieving the milestones and goals. We look forward to our association with Mr. Ajay Relan whose sharp business acumen and understanding of the consumer and technology space will help us to reach our goal of becoming a global premium Biryani & Kebab chain with emphasis on quality".
BBK was launched with an intent to preserve the Khansama style of cooking wherein each meal/biryani is freshly cooked with rich ingredients, unlike other brands where the food is cooked in bulk and repackaged & sold. BBK claims to be a premium delivery brand with 100% focus on delivering every order on time and offers rich customer experience which the patron would have received at a fine dining restaurant by paying an exorbitant price.
BBK currently has a total of 11 outlets in India with 10 stores in Delhi/NCR and 1 outlet in Mumbai and by March 2019, the BBK team targets to expand their footprint in the domestic market by opening total 20+ stores in metros and big cities. The brand is growing exponentially at a rate of 70 to 80 % per year with a current sales run rate of Rs. 24 crores annually and should close this financial year with a run rate of more than Rs. 40 crores.
In the words of Kaushik Roy, Founder & CEO - Biryani By Kilo, “We aim to make Biryani By Kilo a renowned name in the food service and delivery category from India. With the help of the distinguished team of investors, we will expand both our geographic presence as well as the product range and open outlets in multiple Indian cities. Three years ago, we had started with Delhi but now we have a presence in Western India too, gradually we will tap all the regions and achieve a turn rate of more than 40 crores by the end of the present financial year.”
More than 75% of BBK orders are received online. With a constant rating of 4.0 on Zomato, BBK has emerged as the fastest delivery chain in NCR with highest Average Order Value of around Rs 1000.
Other players operating in the biryani segment include Hyderabad-based Paradise Food Court, Bengaluru-based Mani’s Dum Biryani, Gurgaon-based Biryani Blues, Kolkata-based Guha Roy Food Joint & Hotel and Bengaluru-based Ammi’s Biryani among others.
Both Biryani category and Food Delivery have enormous potential and BBK is at the vantage point to expand both and create a worldwide food services company from India. Zomato and Swiggy are unicorns now & doing more than 200K daily food deliveries each and India Food Delivery market is going to further expand exponentially.
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