Foodtech startup ‘Biryani by Kilo’ has raised about $1 million in its Pre-series A round of funding from a clutch of investors led by Ajay Relan, Founder Chairman at CX Partners and Vinay Mittal from HT Media Strategy.
Currently, the Gurugram-based startup has a total of 11 outlets in India across Delhi-NCR and Mumbai. With the fresh capital infusion, it is looking to expand its footprint in the domestic market by opening over 20 stores in metros by March next year.
Founded by Kaushik Roy and Vishal Jindal in 2015, Biryani by Kilo earlier raised angel funding of Rs 2.5 crore at valuation in the range of Rs 14 crore. A VCCircle report also claimed that it raised around Rs 5-10 crore in pre-Series A round in November last year.
The current valuation of the startup couldn’t be ascertained, however, during the angel round Jindal had estimated that it would raise next fund after March 2017 at a valuation of around Rs 35-40 crore.
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The startup is known for its unique style of cooking and delivery where it makes biryani fresh for every individual order and delivers it in the handi in which it was cooked. The brand specialises in offering different types of biryani, besides kebabs, korma, and bread.
It also provides ‘Aanch’, a chulha or stove, so that customers can warm their biryani as per their need.
Operating on a hub-and-spoke model, customers can reach out Biryani by Kilo through the mobile app as well as through the web application and call centres.
Currently, Biryani by Kilo claims to grow at an annual rate of about 70 per cent with an annual revenue run rate of about Rs 24 crore. With the fresh funds, it is aiming to scale its annual revenue run rate beyond Rs 40 crore by the end of the current financial year.
The startup plans to raise Series A round funding in early 2019 to become a Rs 100 crore-plus firm in the next 2 years. It is targeting to emerge as a leading global player with revenues of more than Rs 500 crore in the next 5-7 years.
As there are very few startups which directly compete with Biryani by Kilo, this space still needs to be explored. However, aiming such figures for a biryani-focused startup looks tough and only time will tell the fortune of the growing platform.
The development was reported by Business Standard.