India, April 22 -- Devyani International, which runs QSR chains such as KFC via franchise agreements, is set to pick up controlling stakes in cloud kitchen startup Biryani By Kilo.

However, the financial details of the deal have not been disclosed.

Devyani said in an exchange filing that its board will meet on April 24 to consider and approve the definitive agreement and issuance of equity shares payable for the acquisition.

The filing further said that the issuance of equity shares shall be subject for approval at an extraordinary general meeting of the company.

The development comes almost five months after Biryani By Kilo raised $2 Mn from Dubai-based investment firm Pulsar Capital. According to Inc42's calculations, the startup wa...