Biryani By Kilo (BBK), a notable name in the cloud kitchen sector, has accomplished a successful Series C funding round, securing $9 million. This fundraising marks BBK's re-entry into fundraising activities following a pause of more than two years. The investment, led by Alpha Wave Ventures, reflects robust investor confidence in BBK's anticipated growth path.

According to the Registrar of Companies filing, Biryani By Kilo (BBK) authorized issuing 18,086 Series C CCSP at Rs 39,800 per share, raising Rs 72 crore ($9 million). Alpha Wave Ventures led the funding with Rs 28 crore, followed by Ivycap Ventures, Incred Wealth, and Clear Bridge Ventures contributing Rs 16.5 crore, Rs 8.2 crore, and Rs 8.3 crore, respectively. Vevek Ventures, DSP HMK Holdings, and others collectively invested Rs 11 crore. This investment distribution indicates Alpha Wave owning 33.5%, Ivycap Ventures holding 19.42%, Incred and Clear Bridge each having 1.04% and 1.05%, respectively.

However, this round is part of a larger funding series, potentially leading to changes in the final ownership pattern. BBK has accumulated approximately $55 million in total funding, including a significant $35 million Series B round led by Falcon Edge in November 2021. Valued at around Rs 840 crore or $105 million post-allotment, BBK's financial statements for FY23 are yet to be disclosed. As per TheKredible estimates, BBK reported Rs 300 crore revenue in FY23, aiming for break-even in FY24's first quarter. In the preceding fiscal year, its revenue surged twofold to Rs 133 crore, with a net loss of Rs 42 crore. BBK faces competition from market players such as Rebel Foods’ Behrouz Biryani and Biryani Blue.