Food Delivery Service Biryani By Kilo garners $35 million from Alpha Wave Ventures & Others
Biryani By Kilo (BBK), a food delivery service, has secured $35 million in a Series B investment led by Falcon Edge venture capital arm Alpha Wave Ventures.
SBI and IvyCap Ventures, who had previously invested in the company, also took part in the round.
Vishal Jindal and Kaushik Roy launched the Gurugram-based company in 2015, and it now has over 60 locations in over 25 cities.
The funds will be used to build the company's biryani brand, with the goal of having over 200 shops by the end of 2024.
BBK also plans to grow into international markets and use the funds to buy other F&B cloud kitchen brands.
Dine-in currently accounts for 10% of the company's revenue. The current fiscal year's revenue run rate is Rs 150 crore.
Navroz Udwadia, cofounder and partner, Falcon Edge Capital stated that “BBK has built a strong brand with a scalable business model and best-in-class unit economics.”
Falcon Edge has also invested $15 million in cloud kitchen company Hygiene BigBites.
The Covid-19 pandemic has fueled the growth of cloud kitchens, which are cooking facilities dedicated to preparing delivery-only orders.
According to data from industry tracker Tracxn, overall funding for cloud kitchen companies has doubled in 2021 to $234.2 million as of October, compared to $112.4 million in all of 2020.
Rebel Foods, a cloud kitchen firm, also intends to grow its brands abroad.
In October, it announced a partnership with Foodpanda, a food and grocery delivery service, to extend revenue streams by allowing Foodpanda's restaurant partners to plug and play Rebel Foods brands in international markets.
Online and delivery-focused food firms have exploded in popularity in the last 18-24 months, according to sources, as they have emerged as a cost-effective method to preserve business continuity and expand customer reach in an industry that was severely harmed by the pandemic.
Although shops are reopening as the pandemic subsides, delivery-only firms are maintaining a steady cash stream by catering to those who prefer to order in rather than eat out.
SBI and IvyCap Ventures, who had previously invested in the company, also took part in the round.
Vishal Jindal and Kaushik Roy launched the Gurugram-based company in 2015, and it now has over 60 locations in over 25 cities.
The funds will be used to build the company's biryani brand, with the goal of having over 200 shops by the end of 2024.
BBK also plans to grow into international markets and use the funds to buy other F&B cloud kitchen brands.
Dine-in currently accounts for 10% of the company's revenue. The current fiscal year's revenue run rate is Rs 150 crore.
Navroz Udwadia, cofounder and partner, Falcon Edge Capital stated that “BBK has built a strong brand with a scalable business model and best-in-class unit economics.”
Falcon Edge has also invested $15 million in cloud kitchen company Hygiene BigBites.
The Covid-19 pandemic has fueled the growth of cloud kitchens, which are cooking facilities dedicated to preparing delivery-only orders.
According to data from industry tracker Tracxn, overall funding for cloud kitchen companies has doubled in 2021 to $234.2 million as of October, compared to $112.4 million in all of 2020.
Rebel Foods, a cloud kitchen firm, also intends to grow its brands abroad.
In October, it announced a partnership with Foodpanda, a food and grocery delivery service, to extend revenue streams by allowing Foodpanda's restaurant partners to plug and play Rebel Foods brands in international markets.
Online and delivery-focused food firms have exploded in popularity in the last 18-24 months, according to sources, as they have emerged as a cost-effective method to preserve business continuity and expand customer reach in an industry that was severely harmed by the pandemic.
Although shops are reopening as the pandemic subsides, delivery-only firms are maintaining a steady cash stream by catering to those who prefer to order in rather than eat out.
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