Cloud kitchen startup Biryani By Kilo has secured approximately $2 million (INR 16.5 crore) in funding from Dubai-based investment firm Pulsar Capital, according to regulatory filings.
Further, as per Inc42, the funding valuation at around $100 million.
Reportedly, Pulsar Capital, a private equity firm run by former TPG partner Vish Nair, has investments in healthcare provider TruDoc and ecommerce enabler Assidus.
Biiryani By Kilo raises $9 Mn in 2023
This funding comes almost a year after Biryani By Kilo raised $9 million from existing investors Alpha Wave Ventures, Vevek Ventures, DSP HMK Holdings, IvyCap Ventures, Incred Wealth, and Clear Bridge Ventures.
Founded in 2015 by Vishal Jindal and Kaushik Roy, Biryani By Kilo offers biryanis, kebabs, kormas, and desserts through its 100+ outlets across India and delivery services in over 45 cities. The startup has raised a total of $52 million in funding and counts Falcon Edge Capital and IvyCap Ventures among its investors.
Biryani By Kilo’s net loss surges 2.7X
Meanwhile, Biryani By Kilo competes with Rebel Foods’ Behrouz Biryani and Biryani Blues, and Bengaluru-based Potful. In FY22, the startup’s net loss increased 2.7 times to INR 42.6 crore, while sales doubled to INR 132.6 crore.
To be noted, the cloud kitchen market is expected to reach $3 billion by FY31, driven by the growth of foodtech platforms like Zomato and Swiggy. This has led to the emergence of several cloud kitchen startups in India over the past few years.
