India: Biryani By Kilo bags $35m funding led by Falcon Edge

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Biryani By Kilo (BBK) on Monday said it has raised $35 million in a Series B round led by Falcon Edge Capital, with participation from SBI and existing investor IvyCap Ventures.

The Gurgaon-based business will use the funds to expand its biryani brand nationwide, targeting over 200 outlets by the end of 2024. In addition, BBK is looking to foray into international markets.

Investec India was the exclusive financial advisor to this transaction.

Biryani is the largest category in the Indian food delivery sector, estimated to be over 25% of the overall food delivery market, but has historically been highly localised, dominated by small independent businesses with variable quality and consistency, the company said in a statement. This is in contrast to burger and pizza categories, where the leading 2 or 3 players dominate the market with over 80% share, it added.

Founder Vishal Jindal said, “We are delighted to close our Series B fundraise and have Alpha Wave | Falcon Edge on board as we look to continue to consolidate our position as India’s leading biryani brand and take BBK worldwide. BBK would also be looking at acquiring other F&B cloud kitchen brands which can be scaled pan India with our expertise in supply chain, technology & marketing. We are grateful to the support of our existing investors IvyCap and the Chand group.”

Navroz Udwadia, Co-founder and Partner, Alpha Wave Ventures | Falcon Edge said, “BBK has built a strong brand with a scalable business model and best-in-class unit economics. We are excited to partner with Kaushik and Vishal, and support them in their journey to build India’s most loved biryani brand”

BBK wasfounded in 2015 is today present in over 25 cities and over 60 outlets, with around ₹150 crore annual revenues.

This article was first published on livemint.com

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.