Biryani By Kilo (BBK), a cloud kitchen company, has secured $9 million (INR 72 crore) in its Series C funding round, with Alpha Wave Ventures leading the investment. This marks the company’s return to equity fundraising after a break of over two years.
According to regulatory filings sourced from the Registrar of Companies, Biryani By Kilo’s board has approved a special resolution to issue 18,086 Series C CCSP at a price of INR 39,800 per share, aiming to raise INR 72 crore or $9 million.
The Series C round was spearheaded by Alpha Wave Ventures with an investment of INR 28 crore. Additionally, Ivycap Ventures, Incred Wealth, and Clear Bridge Ventures contributed INR 16.5 crore, INR 8.2 crore, and INR 8.3 crore, respectively. The funding round also witnessed involvement from Vevek Ventures, DSP HMK Holdings, and various individuals who collectively injected INR 11 crore into the round.
After the recent funding, Alpha Wave’s stake will amount to 33.5%, while Ivycap Ventures, Incred, and Clear Bridge will possess 19.42%, 1.04%, and 1.05% respectively.
The firm has garnered approximately $55 million in total funding, which includes a Series B round of $35 million led by Falcon Edge in November 2021. According to estimates from TheKredible, the company is now valued at around INR 840 crore or $105 million post-allotment.
Biryani By Kilo has not yet submitted its financial statements for the fiscal year 2023. However, the company asserts a revenue of INR 300 crore for FY23 and anticipates achieving break-even in the initial quarter of FY24. In the preceding fiscal year, FY22, the company experienced a twofold increase in revenue from operations, reaching INR 133 crore, accompanied by a net loss of INR 42 crore.
It competes with Rebel Foods’ Behrouz Biryani and Biryani Blues, among other contenders in the market.