IvyCap Ventures leads $4.3 mn funding in online kitchen Biryani By Kilo
Biryani By Kilo, an online kitchen with a few dine-ins, has raised Rs 30 crore ($4.3 million) in its Series A round of funding led by venture capital firm IvyCap Ventures.
The restaurant chain, owned by Gurugram-based Sky Gate Hospitality Pvt. Ltd, will use the funds for expanding its geographic presence across west and north India and improving its platform, product, technology, reach and efficiency.
Biryani By Kilo was founded in May 2015 by Kaushik Roy, Vishal Jindal and Ritesh Sinha.
Biryani By Kilo had raised pre-Series A funding of Rs 5-10 crore in November 2017.
The company has 20 outlets across Delhi-NCR (National Capital Region), Mumbai, Chandigarh, Mohali and Ludhiana.
It posted net sales of Rs 12 crore for 2017-18 as against Rs 4 crore the year before, going by VCCEdge, the financial data platform of Mosaic Digital. The company is yet to achieve operational break-even.
Deals in the segment
- March 2019: Rebel Foods, an internet kitchen platform which owns and operates a number of brands including Faasos and Behrouz Biryani, raised Rs 110 crore ($15.8 million) as part of larger Series D round led by venture capital firm Sequoia Capital India.
- January 2019: Rebel Foods raised Rs 30 crore ($4.2 million) from venture debt firm Alteria Capital.
- February 2019: Hotel chain OYO entered online food business with the launch of private labels on food delivery platforms Swiggy, Zomato and Uber Eats.