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Biryani by Kilo raises pre-Series A round of funding worth $1 million
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Wednesday, 11 July, 2018, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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Biryani by Kilo (BBK), a premium biryani chain founded in 2015 by Kaushik Roy and Vishal Jindal, has raised a pre-Series A round of funding worth approximately $1 million from a group of investors, led by Ajay Relan, founder chairman, CX Partners, and Vinay Mittal of HT Media Strategy.
The funds will be used to take the food tech start-up pan-India and to scale up by achieving a sales run rate of over Rs 40 crore by March 2019. The company has been receiving extensive and continued support from seasoned investors.
BBK would be raising the Series A round in early 2019, which will help it become a Rs 100 crore-plus chain in the next two years with healthy profits. With robust partnerships, in the next five to seven years, BBK is targeting to be the leading premium biryani and kebab food service company globally and to clock a revenue of over Rs 500 crore.
The start-up has earlier received funds from investors, including Chandigarh Angels Network, ex-Evalueserve chief operating officer Ashish Gupta, GlobalLogic’s Sunil Singh and some executives from leading financial and legal firms.
Harish Bahl and Manish Vij from Smile Group, Thapar Group, ibroad 7 and senior management from Carlyle are BBK investors. Rohit Chand and his son Ashish Chand had also participated in the BBK investment round, through their family fund Yukti Securities, which makes angel investments in the food and information technology (IT) sectors.
Jindal 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 and year-on-year growth, which further helps us in achieving the milestones and goals.”
“We look forward to our association with 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 and kebab chain with emphasis on quality,” he added.
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 and sold.
It is a premium delivery brand with 100 per cent 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 and the National Capital Region (NCR) and one in Mumbai, and by March 2019, the BBK team targets to expand their footprint in the domestic market by opening a total of over 20 stores in metros and big cities. The brand is growing exponentially at a rate of 70 to 80 per cent per year, with a current sales run rate of Rs 24 crore annually. It expects to close this financial year with a run rate of over Rs 40 crore.
Said Roy, “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 over Rs 40 crore by the end of the present financial year,” he added.
BBK believes in constant innovation to deliver an elevated biryani experience. Strengthening its belief, the brand has been working on a robust technology platform – over 75 per cent of BBK orders are received online. With a constant rating of four on Zomato, BBK has emerged as the fastest delivery chain in NCR, with a highest average order value of around Rs 1,000.
Both the biryani category and food delivery have enormous potential, and BBK is at the vantage point to expand both and create a worldwide food service company from India. Zomato and Swiggy are unicorns now and doing over 2,00,000 daily food deliveries each, and the India food delivery market is going to further expand exponentially.
Meituan-Dianping and Ele.me in China both do over 10 million food deliveries daily, and Meituan is planning to do an initial public offering (IPO) with $50 billion market cap soon.
The biryani category caters very well to delivery by retaining its freshness, aromas and flavours after delivery, and being a wholesome and balanced meal, biryani is a prime category for food delivery.
Biryani By Kilo is in a unique position to take the biryani category and delivery worldwide with their experienced and passionate team with strong emphasis on product, quality, systems, standardisation and commitment to growth.
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