New Delhi, May 13 -- Biryani Blues, a homegrown quick service restaurant chain specializing in authentic dum biryani, has raised $5 million (Rs 42.4 crore) in a pre-Series C funding round, led by existing investor Carpediem Capital's new fund Yugadi Capital, with participation from other investors.
Yugadi Capital is a continuation vehicle launched by mid-market private equity firm Carpediem Capital to retain and expand its holdings in several portfolio companies from its debut fund.
VCCircle had exclusively reported in September 2024 that Biryani Blues was in the market to raise fresh capital.
In this round, Biryani Blues was valued at $30 million, reflecting a 20% premium over its previous valuation in October 2021, when Rebel Foods Pvt Ltd--the parent company of brands like Faasos and Behrouz Biryani--acquired a minority stake. Prior to that, in 2015, the company raised $2 million in Series A funding from Carpediem Capital Partners Fund I.
Talking about the investment, Carpediem Capital's chairman Arvind Nair said, "With this infusion, we reinforce our confidence in the management's ability to scale its decade-long success."
Biryani Blues stated that the latest investment will be used to fuel its expansion plans, strengthen human resources across functions, and enhance operations and logistics. "The company won't need any external funding for the next 18-24 months," a person familiar with the development told VCCircle.
Biryani Blues plans to open over 100 new outlets within the next three years. It currently operates 68 outlets across North India and Bengaluru. "We are poised to accelerate our expansion by opening over 100 new brand stores over the next three years, in popular high street markets and malls across North India," Raymond Andrews, co-founder of Biryani Blues, said.
The newly raised capital will also support hiring across operational, delivery, and corporate functions. The company said recruitment will be a parallel focus area to ensure robust support infrastructure as its presence increases.
Founded in 2013 by Aparna Andrews and Raymond Andrews, the company operates under Thea Kitchen Pvt Ltd. It serves dine-in and delivery customers through an omni-channel model and claims to fulfill over two lakh monthly orders. Its current annual recurring revenue (ARR) stands at around Rs 100 crore.
The company claims to have reported revenue of $10 million (Rs 84 crore) for the financial year ended March 2025, up from Rs 76.2 crore last year. It also claims to have broken even in FY25. As per VCCEdge, in FY24, it reduced its net loss to Rs 8.15 crore from Rs 15.43 crore in FY23.
"After optimizing operations and turning profitable over the past year, the company has set itself distinctly apart from competitors in this space. We believe that the food business is a long-term play, and increasing our lead in North India, before expanding to other regions, remains our first priority," Andrews added.
Published by HT Digital Content Services with permission from VC Circle.