Cloud kitchen startup Biryani By Kilo (BBK) has reportedly raised about $9 Mn (INR 72 Cr) in its Series C funding round led by Alpha Wave Ventures.
The round also saw participation from Vevek Ventures, DSP HMK Holdings, IvyCap Ventures, Incred Weath and Clear Bridge Ventures among others.
As per the company’s regulatory filing with the Registrar of Companies, the board of Biryani By Kilo has passed a special resolution to issue 18,086 Series C CCPS at an issue price of INR 39,800 per share to raise the amount, Entrackr reported.
Inc42’s email to Biryani By Kilo seeking comments on the development did not elicit any response till the filing of this report.
While Alpha Wave Ventures infused INR 28 Cr in the round, IvyCap Ventures, Incred Weath and Clear Bridge Ventures invested INR 16.5 Cr, INR 8.2 Cr and INR 8.3 Cr, respectively.
Following the fundraise, Alpha Wave will now reportedly hold 35.06% stake in the startup, while IvyCap Ventures, Incred, and Clear Bridge will hold 5.37%, 1.09%, and 1.10% stakes, respectively.
Biryani By Kilo’s promoter shareholding will dilute to 17.31% from 19.14%, the filing showed.
Founded in 2015 by Vishal Jindal and Kaushik Roy, Biryani By Kilo sells various biryanis, kebabs, kormas, and desserts. The new funding round comes two years after Biryani By Kilo raised $35 Mn in a Series B round from Falcon Edge Capital, SBI and IvyCap Ventures, among others, in November 2021.
With its latest round, the startup has raised over $50 Mn in total funding till date.
With more than 100 outlets across India in cities including Bengaluru, Hyderabad, Kolkata and Delhi-NCR, Biryani By Kilo offers deliveries across more than 45 cities. Its primary competition includes Rebel Foods’ Behrouz Biryani and Biryani Blues, Bengaluru-based Potful, and EatClub’s brands.
Last year, Biryani By Kilo acquired a majority stake in healthy dessert startup Get-A-Way with a preliminary investment of $2 Mn.
In terms of financial health, the startup’s net loss more than doubled to INR 42.6 Cr in the financial year 2021-22 (FY22) from INR 15.6 Cr in the previous fiscal, on revenue of INR 135 Cr.
As per a report, India’s cloud kitchen market size reached $969.5 Mn in 2023 and is expected to reach $2.94 Bn by 2032.
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