BiryaniByKilo, a delivery led food startup, has raised ₹30 crore in a Series A round from homegrown venture capital firm IvyCap Ventures, it said on Friday.
The company is focused on Nizami & Mughlai cuisine making different traditional dum style fresh biryani and other complementary products such as kebabs, korma, breads, and desserts. It primarily operates under the cloud-kitchen model, where it has only delivery with few dine-ins at select locations based on latent demand.
Over the last 3 years BBK has expanded to 20 outlets operational across Delhi NCR, Mumbai, Chandigarh, Mohali and Ludhiana.
Founded by Kaushik Roy, Vishal Jindal and Ritesh Sinha in 2015, BBK will use the funds raised primarily for further expanding their geographic presence across West & North India and improving their platform, product, technology, reach and efficiency.
“Biryani as a segment has huge potential and is already ranked as the most ordered food products by leading food delivery aggregators in India. Biryani market in India is estimated to be approx. ₹1,500 crores in the organized sector and ₹15,000 crores in the unorganized sector as per Industry reports,” the statement said.
Vikram Gupta, founder & managing partner at IvyCap Ventures said, “There is a tremendous opportunity for emergence of pan-India Biryani-focused chains, along with room for expansion into international markets.” “The founding team comes with extensive experience and demonstrable track-record of scaling-up F&B businesses,” he added.
The cloud kitchen model for Biryanis has seen user and investor traction in India, led by Rebel Foods, best known for its Faasos brand. Rebel also houses the Behrouz Biryani brand of biryani cloud kitchens, said to be one of Rebel’s fastest growing segments.
Source: Reuters.com