Biryani By Kilo (BBK), a premium biryani chain, has raised $1 million (Rs 6.87 crore) in Pre-Series A round of funding from a group of investors led by Ajay Relan, Founder-Chairman, CX Partners.
According to a company statement, the funds will be used to take the Gurugram-based startup pan-India and to scale up by achieving a sales run rate of more than Rs 40 crore by March 2019. At present its revenues are nearly Rs 24 crore with a 70-80 per cent growth rate.
BBK plans to raise Series A round funding in early 2019 to become a Rs 100 crore-plus firm in the next 2 years and is targeting to emerge, in the next 5 to 7 years, a leading global player with revenues of more than Rs 500 crore.
The startup had earlier received funds from investors, including Chandigarh Angels Network, ex-Evalueserve chief operating officer Ashish Gupta, GlobalLogic's Sunil Singh and some executives from leading financial and legal firms.
Harish Bahl and Manish Vij from Smile Group, Thapar Group, ibroad 7 and senior management from Carlyle are BBK investors. Rohit Chand and his son Ashish Chand had also participated in BBK investment round through their family fund Yukti Securities, which makes angel investments in the food and IT sectors.
Vishal Jindal, Founder, BBK, said the startup was launched with the aim to preserve the traditional Khansama style of cooking wherein each meal/biryani is freshly cooked, unlike other brands where the food is cooked in bulk, repackaged and sold.
It currently has 10 stores in Delhi/NCR and one outlet in Mumbai. By March 2019, it plans to have over 20 outlets in metros and big cities.