Biryani By Kilo (BBK), a prominent player in the cloud kitchen segment, has made a triumphant return to fundraising after a hiatus of over two years, securing a substantial $9 million in its Series C funding round. The funding, led by Alpha Wave Ventures, underscores strong investor confidence in BBK’s promising growth trajectory.

According to the regulatory filing from the Registrar of Companies, BBK’s board passed a special resolution to issue 18,086 Series C CCSP at an issue price of Rs 39,800 per share, raising a total of Rs 72 crore ($9 million). Alpha Wave Ventures played a pivotal role in spearheading the funding round, contributing Rs 28 crore. Joining the investment were Ivycap Ventures, Incred Wealth, and Clear Bridge Ventures, injecting Rs 16.5 crore, Rs 8.2 crore, and Rs 8.3 crore, respectively. Additional participation came from Vevek Ventures, DSP HMK Holdings, and other individuals, collectively contributing Rs 11 crore.

Following this funding infusion, Alpha Wave Ventures is set to hold a 33.5% stake, while Ivycap Ventures, Incred, and Clear Bridge will have ownership percentages of 19.42%, 1.04%, and 1.05%, respectively. It’s worth noting that this tranche is part of a more extensive funding round, and the final shareholding pattern may see adjustments.

Biryani By Kilo has now accumulated approximately $55 million in total funding, including a significant $35 million Series B round led by Falcon Edge in November 2021. With an estimated valuation of around Rs 840 crore or $105 million post-allotment, BBK is yet to disclose its financial statements for FY23.

As per TheKredible estimates, the company reported a revenue of Rs 300 crore in FY23 and anticipates achieving break-even in the first quarter of FY24. In the preceding fiscal year, BBK experienced a notable two-fold increase in revenue from operations, reaching Rs 133 crore, alongside a net loss of Rs 42 crore.

Despite its successful funding endeavors, BBK operates in a competitive landscape, contending with various players in the market, including Rebel Foods’ Behrouz Biryani and Biryani Blues. The recent funding injection positions Biryani By Kilo strategically for further expansion and innovation in the thriving cloud kitchen segment.

By Admin

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