Biryani By Kilo Bags $9 Mn From Alpha Wave Ventures, Vevek Ventures, Others

Biryani By Kilo Bags $9 Mn From Alpha Wave Ventures, Vevek Ventures, Others

SUMMARY

Biryani By Kilo’s board 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

Following the fresh proceeds, Alpha Wave will now reportedly hold 35.06% stake in the company, while IvyCap Ventures, Incred, and Clear Bridge will hold 5.37%, 1.09%, and 1.10% stakes, respectively

With its latest round, BBK has raised over $50 Mn in total funding till date

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.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Biryani By Kilo Bags $9 Mn From Alpha Wave Ventures, Vevek Ventures, Others-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Biryani By Kilo Bags $9 Mn From Alpha Wave Ventures, Vevek Ventures, Others-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Biryani By Kilo Bags $9 Mn From Alpha Wave Ventures, Vevek Ventures, Others-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Biryani By Kilo Bags $9 Mn From Alpha Wave Ventures, Vevek Ventures, Others-Inc42 Media
Biryani By Kilo Bags $9 Mn From Alpha Wave Ventures, Vevek Ventures, Others-Inc42 Media
You’re in Good company