Biryani By Kilo recently Raised A $1 Mn Pre-Series A Funding
A Gurugram-based startup, Biryani by Kilo (BBK) has raised $1 Mn in a pre-Series A round of funding from a group of investors, led by the founder chairman of CX Partners, Ajay Relan.
Founded in 2015 by Kaushik Roy, Ritesh Sinha, and Vishal Jindal, Biryani By Kilo was launched as a premium briyani brand to conserve the Khansama style of cooking in which every meal/biryani is freshly cooked with rich ingredients. The startup believes in cooking fresh unlike other brands where the food is cooked in bulk and then sold.
The startup has earlier received angel funding in February 2017 from a clutch of investors, including Chandigarh Angels Network, ex-Evalueserve Chief operating officer Ashish Gupta, GlobalLogic’s Sunil Singh among others.
As Vishal said, “We look forward to our association with 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”.
Biryani By Kilo: Plans To Utilise The Latest Funding
The startup will be utilising the raised funds majorly to scale its operations across the country. Some other plans include –
- achieve a sales run rate of more than $5.8 Mn (INR 40 Cr) by March 2019
- to raise a Series A round of funding with a value of $14.5 Mn (INR 100 Cr).
- aims to clock a revenue of more than $72.85 Mn (INR 500 Cr) in the next five to seven years.
- to open up more than 20 stores in metros and big cities by March 2019
Biryani By Kilo: The Growth So Far
Biryani by Kilo currently has a total of 11 outlets in India with 10 stores in Delhi/NCR and one outlet in Mumbai. The brand claims to be growing exponentially at a rate of 70 to 80% per year with a current sales run rate of $3.4 Mn (INR 24 Cr) annually.
The startup further claims to receive more than 75% BBK orders online. The startup has its highest average order value of over $14.57 (INR 1000). Biryani By Kilo has also invested in a cloud kitchen delivery model to reap in advantages of low capex and rentals, flexibility to change locations, and low wastage amongst others.
In Indian food delivery market, Zomato and Swiggy have gained popularity and are doing more than 200K daily food deliveries each. However, the startups like Biryani By Kilo are leveraging tech to create a niche for themselves rather than becoming a competitor for the existing biggies.
According to a recently released TechSci Research report, the foodtech market in India is projected to grow at a CAGR of over 12% during 2016 – 2021.