Biryani By Kilo’s FY24 Loss Declines 30% To INR 71 Cr

SUMMARY

The startup managed to trim its loss on the back of growth in its top line and improvement in margins

Biryani By Kilo’s revenue from operations jumped 23% to INR 268.30 Cr in FY24 from INR 218.10 Cr in the previous year

Last month, Inc42 reported that the startup raised $2 Mn from Dubai-based investment firm Pulsar Capital

Cloud kitchen startup Biryani By Kilo narrowed its net loss by 30% in the fiscal year 2023-24 (FY24) on the back of growth in its top line and improvement in margins. The Delhi NCR-based startup posted a loss of INR 70.81 Cr during the year as against INR 100.7 Cr loss it incurred in the previous fiscal year.

Biryani By Kilo’s revenue from operations jumped 23% to INR 268.30 Cr from INR 218.10 Cr in FY23. Including other income, total revenue rose 22.8% INR 272.2 Cr from INR 221.75 Cr in FY23.

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

Last month, Inc42 reported that the startup raised $2 Mn from Dubai-based investment firm Pulsar Capital.

Biryani By Kilo 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.

Zooming Into The Expenses

Biryani By Kilo managed to control the rise in its expenditure in FY24. Despite an over 20% growth in its revenue, total expenses rose only 7.7% to INR 346.18 Cr from INR 321.39 Cr in FY23.

Cost Of Materials Consumed: The biggest expenditure for the startup was the cost of materials. It spent INR 111.18 Cr under the head in FY24, an increase of 16.7% from INR 95.29 Cr in the previous year.

Employee Benefit Expenses: Employee costs declined 11.3% to INR 69.94 Cr in FY24 from INR 78.89 Cr in FY23. This indicates that the startup might have reduced its headcount during the year under review.
Advertising Expenses: In a bid to cut its losses, Biryani By Kilo trimmed its advertising and promotional expenses by 14.8% to INR 28.08 Cr in FY24 from INR 32.97 Cr in the previous fiscal year.

Biryani By Kilo competes with the likes of Rebel Foods, Charcoal Eats, Licious, among others, in the cloud kitchen market. The Indian cloud kitchen market is expected to clock a CAGR of 16.7% and reach a size of $2.84 Bn by 2030 from $1.13 Bn in 2024.