Bengaluru-based quick service restaurant chain California Burrito has raised about Rs 120 crore ($14 million) from Elevation Capital, marking its biggest fundraise since inception. The deal, which had been in discussion nearly 18 months ago but stalled, has now been revived on favourable terms, people familiar with the development.
Founded in 2012 by American entrepreneur Bert Mueller along with friends Dharam Khalsa and Gaelan Connell, California Burrito has grown from four outlets in Bengaluru in its early years to more than 110 stores across India. Mueller, now the sole remaining co-founder and chief executive officer, is steering the brand into its next phase of growth.
The fresh capital will be deployed to expand the chain to about 140 outlets by March 2026, with Pune and other new cities joining Bengaluru as key markets. A portion of the funds will also be used to strengthen leadership, with recent hires from KFC and other large QSR brands already in place.
California Burrito’s revenues have nearly doubled in two years. The company reported Rs 109 crore in FY23, rising to Rs 196 crore in FY24. After several years of losses, it turned profitable last year with Rs 6.8 crore in net profit, according to regulatory filings. Results for FY25 are yet to be disclosed.
Online platforms remain the company’s biggest growth driver, with 60 percent of sales coming via Zomato and Swiggy, while dine-in contributes the remaining 40 percent.
The brand, backed by Kumar Vembu, brother of Zoho founder Sridhar Vembu, has raised under $10 million till now, making the Elevation Capital infusion a significant milestone in its funding journey. Both California Burrito and Elevation Capital declined to comment on the development.
