Exclusive: Biryani By Kilo Raises $2 Mn From Pulsar Capital

SUMMARY

Biryani By Kilo raised the funding at a valuation of about $100 Mn

The funding seems to be a part of a bigger round being raised by the cloud kitchen startup

Pulsar Capital, a private equity firm run by former TPG partner Vish Nair, counts healthcare provider TruDoc and ecommerce enabler Assidus in its current portfolio

Cloud kitchen startup Biryani By Kilo has raised about $2 Mn (INR 16.5 Cr) from Dubai-based investment firm Pulsar Capital, as per its regulatory filings.

As per Inc42 calculations, Biryani By Kilo raised the funding at a valuation of about $100 Mn.

The funding seems to be a part of a bigger round being raised by the Delhi NCR-based startup. Biryani By Kilo cofounder and CEO Vishal Jindal declined to comment on Inc42’s queries about the funding round.

Pulsar Capital is a private equity firm run by former TPG partner Vish Nair. It counts healthcare provider TruDoc and ecommerce enabler Assidus in its current portfolio.

The funding round comes almost a year after Biryani By Kilo raised $9 Mn from its existing investors Alpha Wave Ventures, Vevek Ventures, DSP HMK Holdings, IvyCap Ventures, Incred Wealth, Clear Bridge Ventures, among others.

Founded in 2015 by Jindal and Kaushik Roy, Biryani By Kilo sells biryanis, kebabs, kormas, and desserts. It has raised a total funding of $52 Mn till date and also counts Falcon Edge Capital, IvyCap Ventures, among others, as its investors.

The startup claims to have over 100 outlets across the country, including in major cities such as Bengaluru, Hyderabad, Kolkata and Delhi-NCR. It offers deliveries across more than 45 cities.

Biryani By Kilo primarily competes with Rebel Foods’ Behrouz Biryani and Biryani Blues, Bengaluru-based Potful, among others.

In FY22, the startup’s net loss surged 2.7X to INR 42.6 Cr from INR 15.6 Cr in the previous fiscal year. Sales increased 2X to INR 132.6 Cr from INR 65.2 Cr in FY21.

On the back of the growth of foodtech platforms like Zomato and Swiggy, a number of cloud kitchen startups have emerged in the country over the last few years. The size of the cloud kitchen market is expected to cross the $3 Bn mark by FY31.