Gurugram-based Biryani by Kilo secures pre-Series A funding, raises $1 M
Company says it will use the funds to take the company pan India, and to scale up by achieving a sales run rate of more than Rs 40 crore by March 2019.
Food startup Biryani by Kilo (BBK) on Monday said it has raised around $1 million fund in pre-series A round, that was led by Ajay Relan, founder chairman - CX Partners, and participated by Vinay Mittal, chief financial strategist, HT Media.
The startup is run by Gurugram-based Sky Gate Hospitality Pvt Ltd, and was founded in 2015 by Kaushik Roy and Vishal Jindal. The company said that it will use the funds raised to take the company pan India, and to scale up by achieving a sales run rate of more than Rs 40 crore by March 2019.
The company also said in a statement, “BBK would be raising Series-A round early 2019 to take BBK pan India, and become Rs 100 crore+ in the next two years, with healthy profits. With robust partnerships, in the next five to seven years, BBK is targeting to be the leading premium Biryani and Kebab Food Services Company globally, and to clock a revenue of more than Rs 500 crore.”
Vishal Jindal, founder, Biryani by Kilo, said, “We have been in the industry for the past three years and are operationally profitable. BBK has attained exceptional figures in the past in terms of revenue and year-on-year growth, which further helps us in achieving the milestones and goals. We look forward to our association with Ajay Relan, whose sharp business acumen and understanding of the consumer and technology space will help us to reach our goal of becoming a global premium Biryani and Kebab chain with emphasis on quality.”
The company currently has a total of 11 outlets in India, with 10 stores in Delhi-NCR and one outlet in Mumbai. The firm aims to expand its footprint by opening more than 20 stores in metros and big cities by March 2019.