Cloud kitchen company Biryani By Kilo [BBK] has raised $9 million or Rs 72 crore in its Series C round led by Alpha Wave Ventures. The latest equity round has come after a hiatus of more than two years for the company.
The board at Biryani By Kilo has passed a special resolution to issue 18,086 Series C CCSP at an issue price of Rs 39,800 per share to raise Rs 72 crore or $9 million, regulatory filing sourced from the Registrar of Companies shows.
Alpha Wave Ventures led the round with Rs 28 crore while Ivycap Ventures, Incred Weath, and Clear Bridge Ventures pumped in Rs 16.5 crore, Rs 8.2 crore, and Rs 8.3 crore respectively. The round also saw the participation of Vevek Ventures, DSP HMK Holdings, and other individuals which collectively poured Rs 11 crore during the round.
Following the fresh proceeds, Alpha Wave will hold 33.5% while Ivycap Ventures, Incred, and Clear Bridge will own 19.42%, 1.04%, and 1.05% respectively.
Caveat: This tranche appears to be a part of a larger round and the shareholding pattern may vary after the completion of Series C.
The company has raised around $55 million to date, including a $35 million Series B round led by Falcon Edge in November 2021. As per TheKredible estimates, the company has been valued at around Rs 840 crore or $105 million post-allotment.
Biryani By Kilo is yet to file its financial statements for FY23. The company claims a revenue of Rs 300 crore in FY23 and expects to break even in the first quarter of FY24. Its revenue from operations grew two-fold to Rs 133 crore in FY22 with a net loss of Rs 42 crore in the fiscal year.
It competes with Rebel Foods’ Behrouz Biryani and Biryani Blues, among others.
