Biryani By Kilo reports Rs 268 Cr revenue in FY24, cuts losses by 30%

Biryani culture in India has grown-multi-fold in the past decade, with hybrid kitchens contributing to its popularity through niche menus. One such hybrid (omnichannel) brand is Biryani By Kilo (BBK). The company has shown steady growth over the past few fiscal years, including FY24.

BBK’s revenue from operations witnessed 22.9% year-on-year growth to Rs 268 crore in FY24 from Rs 218 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show.

Biryani By Kilo offers biryani, kebabs, korma, curries, and more. These products contributed 94.76% of the company's revenue, which grew by 23.3% to reach Rs 254 crore in FY24. The rest of the operating income was generated from delivery services which stood at Rs 14 crore in FY24. 

BBK also added an income of Rs 4 crore from interest (non-operating) tallying the overall revenue to Rs 272 crore in FY24.

For the omnichannel brand, the cost of procurement of materials accounted for 32% of its overall burn. To the tune of scale, this cost increased by 16.8% to Rs 111 crore in FY24 from Rs 95 crore in FY23.

As the company scaled up, employee benefits unexpectedly dropped by 11.4% to Rs 70 crore in FY24 from Rs 79 crore in FY23. The company also cut advertising expenses by 15.2% in the same period. Overheads like rent, commissions, transportation, and rent pushed the total expenditure to Rs 346 crore in FY24 from Rs 321 crore in FY23.

See TheKredible for the detailed cost breakup.

The decent scale and controlled expenditure on salaries and advertising helped Biryani By Kilo to reduce its losses by 29.7% to Rs 71 crore in FY24 from Rs 101 crore in FY23. Its EBITDA was recorded at a negative 51 crore in FY24 while the EBITDA margin and ROCE improved to -51.5% and -18.75% respectively.

The Alpha Wave-backed firm spent Rs 1.29 to earn a rupee in FY24. BBK’s current assets were recorded at Rs 115 crore in FY24 including cash and bank balances of Rs 83 crore in the previous fiscal.

BBK 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. The company competes with Rebel Foods’ Behrouz Biryani and Biryani Blues, and many smaller cloud-kitchens.