QSR chain Biryani Blues raises $5 million from Carpediem Capital fund, others
Biryani Blues, a quick service restaurant (QSR) chain, has raised $5 million (about Rs 42 crore) in a funding round led by private equity firm
Carpediem Capital
's new fund,
Yugadi Capital
.
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The round was closed at a Rs 250 crore (around $30 million) valuation, which is a 51% premium to Biryani Blues' valuation after a funding round in 2021.
The funds will be used to open 100 new outlets, hire talent, and improve operations and logistics.
Founded in 2013 by Raymond Andrews and Aparna Andrews, the Gurugram-based brand operates three formats: Express stores focused on delivery with minimal seating, cloud kitchens, and food courts in malls, airports and railway stations. The brand currently operates 68 outlets across North India and Bengaluru.
'Our focus is to open around 50 stores over the next two years, and by the third year, we aim to have about 100 new stores. The majority of these will follow the Express format—small stores, typically around 700 square feet, located on high streets or even in malls,' Raymond Andrews told ET.
According to Andrews, the company achieved Ebitda profitability in FY25 after improving its gross margin, which has increased by nearly 5% over the past year. This was achieved through better procurement, streamlined store operations, and effective inventory management.
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The brand operates on an omni-channel model, catering to both dine-in and delivery customers, and processes over two lakh orders each month. Its current annual revenue run rate stands at around Rs 100 crore.
The company ended FY25 with revenue of Rs 85 crore, up from Rs 76 crore in FY24, and is targeting Rs 102 crore in FY26.
Seventy percent of the company's business comes from aggregators such as Zomato, Swiggy, and Magicpin, while the remaining 30% is split between delivery, dining, and takeaway services.
'At least for the next two to three years, we plan to remain focused on North India. Every store we open here becomes profitable or breaks even within the first three months. So, it makes sense for us to continue expanding in North India for the next 100 stores. After that, we'll look at expanding to the rest of the country,' Andrews added, noting that almost two-thirds of the new stores will be in Delhi-NCR.
Biryani Blues last had a funding round in 2021, when it got $5 million (around Rs 36 crore) from Rebel Foods, the parent company of Faasos and Behrouz Biryani. To date, it has raised $15 million.
"With this infusion, we reinforce our confidence in the management's ability to scale up its decade-long success. We remain committed to supporting Biryani Blues and its strong market potential," said Arvind Nair, chairman of Carpediem Capital.
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