In a significant development for the cloud kitchen industry, Biryani By Kilo (BBK) has successfully raised $9 million in its Series C funding round, marking its return to the investment landscape after a hiatus of over two years. The funding was led by Alpha Wave Ventures, with participation from key investors such as Ivycap Ventures, Incred Wealth, Clear Bridge Ventures, Vevek Ventures, DSP HMK Holdings, and other individual backers.
The board at Biryani By Kilo passed a special resolution to issue 18,086 Series C CCSP at an issue price of Rs 39,800 per share, resulting in a total infusion of Rs 72 crore ($9 million), according to regulatory filings obtained from the Registrar of Companies.
Alpha Wave Ventures led the funding round with a contribution of Rs 28 crore, while Ivycap Ventures, Incred Wealth, and Clear Bridge Ventures invested Rs 16.5 crore, Rs 8.2 crore, and Rs 8.3 crore, respectively. The collective participation of Vevek Ventures, DSP HMK Holdings, and other individuals contributed an additional Rs 11 crore to the funding round.
Post the influx of fresh capital, the shareholding distribution will see Alpha Wave holding 33.5%, Ivycap Ventures at 19.42%, Incred Wealth at 1.04%, and Clear Bridge Ventures at 1.05%. However, it’s important to note that this tranche is likely part of a more extensive funding round, and the shareholding pattern may change to the completion of the Series C round.
Biryani By Kilo has raised a cumulative total of $55 million in various funding rounds, with a notable $35 million Series B round led by Falcon Edge in November 2021.
The company is yet to file its financial statements for the fiscal year 2023. Despite this, BBK claims a robust revenue of Rs 300 crore in FY23 and anticipates achieving profitability in the first quarter of FY24. In the preceding fiscal year (FY22), the company reported a two-fold growth in revenue from operations, reaching Rs 133 crore, accompanied by a net loss of Rs 42 crore.
Biryani By Kilo’s successful Series C funding round, led by Alpha Wave Ventures, underscores the growing investor confidence in the cloud kitchen segment and positions the company for further expansion and innovation in the highly competitive food delivery market. With a promising financial outlook and a strategic investor lineup, BBK appears poised for continued success in the evolving culinary landscape.
