India's profound love for Biryani is timeless, and within this culinary realm, many have risen as champions in crafting this beloved dish. Among these, Biryani By Kilo (BBK) stands tall, not just for its mouthwatering offerings but for turning this culinary marvel into a thriving enterprise. Recently, BBK made headlines with its Series C funding, securing around $9 million (INR 72 Cr).
Founding and Background:
Founded in 2015 by Vishal Jindal and Kaushik Roy, BBK has evolved as a major player in the cloud kitchen segment, capitalizing on the rising demand for quality biryanis and related delicacies. This Series C round arrives two years after BBK's Series B round, where it secured $35 million from Falcon Edge Capital, SBI, and IvyCap Ventures in November 2021.
Series C Funding Overview:
BBK's Series C funding is a strategic move, aiming to fortify its position in the fiercely competitive cloud kitchen market. Since its inception in 2015, the startup has carved a niche by focusing on delivering biryanis, kebabs, kormas, and desserts.
Key Investors and Stakes:
Alpha Wave Ventures played a crucial role in this funding, contributing INR 28 Cr. Notable participants include Vevek Ventures, DSP HMK Holdings, IvyCap Ventures, Incred Wealth, and Clear Bridge Ventures. The stake distribution among investors post-funding reflects a strategic alignment for BBK.
Total Funding Milestone:
This Series C funding pushes BBK beyond the $50 million mark in total funding, showcasing investor confidence in its business model and growth potential. Details of Series C include issuing 18,086 Series C CCPS at an issue price of INR 39,800 per share, indicating a substantial valuation for the company.
Regulatory Filing Insights:
Insights from the Registrar of Companies highlight BBK's meticulous regulatory compliance, emphasizing transparency in financial dealings. Breaking down the investment, Alpha Wave Ventures emerges as the largest contributor, followed by IvyCap Ventures, Incred Wealth, and Clear Bridge Ventures.
Stake Distribution Post Fundraise:
Post-fundraise, Alpha Wave will hold a significant 35.06% stake, with IvyCap Ventures, Incred, and Clear Bridge holding 5.37%, 1.09%, and 1.10% stakes, respectively. Promoter shareholding is expected to dilute to 17.31% from 19.14%.
Competition Landscape:
BBK encounters competition from significant players like Rebel Foods’ Behrouz Biryani, Biryani Blues, Potful, and EatClub’s brands. This competitive landscape underlines both the challenges and opportunities within the cloud kitchen domain.
Strategic Acquisitions:
In a strategic move last year, BBK acquired a majority stake in the healthy dessert startup Get-A-Way, signalling diversification and attentiveness to evolving consumer preferences. Despite robust growth, BBK's financial report for the fiscal year 2021-22 depicts a net loss of INR 42.6 Cr, reflecting the dynamic nature of the food industry.
Cloud Kitchen Market Projection:
A report indicates that India’s cloud kitchen market reached $969.5 million in 2023 and is projected to reach $2.94 billion by 2032, pointing to significant growth potential for BBK.
BBK's Series C funding signifies a strategic milestone in its journey, positioning the company for further expansion and innovation. The shift in promoter shareholding and strategic investments signifies a commitment to sustained growth and market leadership. Backed by substantial funding and a strategic vision, BBK aims to capitalize on India’s projected cloud kitchen market growth.
© Copyright 2023. All Rights Reserved Powered by Vygr Media.
