Biryani and kebab chain, Biryani By Kilo has secured around $9 million (Rs 75 crore) in a Series C round, in what could be possibly a flat round of funding.
The transaction is said to be the first tranche of the Series C round where the company's existing investors including Alpha Wave Ventures and IvyCap Ventures also participated. The company is possibly planning to raise around $25 million in this outing.
Given pricing of Series C shares, the valuation of the company is more likely to have remained flat during this transaction as well.
Analysts tracking the company separately told VCCircle said that the company is likely to have an annualised rate of return (ARR) of Rs 250-300 crore, so the transaction might have valued the company around Rs 800-850 crore. The claim couldn't be ascertained independently.
The development was first reported by digital news platform Entrackr.
An email query to BBK remained unanswered till press time.
Operated by Sky Gate Hospitality Pvt.Ltd, Biryani By Kilo was founded by Kaushik Roy in 2015. Vishal Jindal joined as a co-founder the following year. The company has a presence in regions including Chandigarh, Mumbai, Jaipur, Kolkata, Bengaluru and Delhi-NCR. Besides biryani, it offers kebabs, korma and bread.
In November 2021, the startup had secured $35 million in funding led by Falcon Edge at a possible valuation of nearly $125 million in its Series B round of funding.
The company had raised pre-Series A funding from investors in November 2017. Later in 2019, it had secured Rs 30 crore in its Series A round of funding led by venture capital firm IvyCap Ventures in June 2019.