A Gurugram-based foodtech company called ‘Biryani By Kilo’ has reportedly secured funds amounting to $1 million in a pre-series A funding round. The investment was carried forward by a clutch of investors led by Ajay Relan (Founder Chairman at CX Partners) and Vinay Mittal (Chief Financial Strategist at HT Media).
The purpose of the startup is basically to use the funds raised in boosting up the operations and developing over 20 more stores all over the country. Apart from this, the company also aims to achieve a sales run rate of more than Rs 40 crore by March 2019. The current revenue of the company is nearly Rs 24 crore along with a 70-80 precent growth rate.
The company also stated, “BBK would be raising Series-A round early 2019 to take BBK pan India, and become Rs 100 crore+ in the next two years, with healthy profits. With robust partnerships, in the next five to seven years, BBK is targeting to be the leading premium Biryani and Kebab Food Services Company globally, and to clock a revenue of more than Rs 500 crore.”
Founded in 2015, the startup delivers the authentic taste of Hyderabadi and Lucknowi biryani online. It was founded by Kaushik Roy and Vishal Jindal who intend to provide freshly cooked biryani to the customers.
At present, BBK has eleven outlets in India across Mumbai and Delhi-NCR. Prior to this, the startup had received funds from investors such as Chandigarh Angels Network, ex-Evalueserve chief operating officer Ashish Gupta, GlobalLogic’s Sunil Singh and some other executives from leading financial and legal firms.
“We aim to make Biryani By Kilo a renowned name in the food service and delivery category from India. With the help of the distinguished team of investors, we will expand both our geographic presence as well as the product range and open outlets in multiple Indian cities,” said Kaushik Roy.
Its quite clear how the Indian food delivery space is growing day by day and is taking up major steps to grow in all aspects. After Zomato (raised $200 million) and Swiggy (raised $210 million), that recently entered the unicorn space, many more foodtech companies are yet to join the league of Indian food delivery market. Also, it might be interesting to witness how BBK plans its further expansion and develops itself in other areas as well.