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Time of India
13-05-2025
- Business
- Time of India
Biryani Blues raises $5 million in funding round led by Yugadi Capital fund
NEW DELHI: Biryani Blues , a quick service restaurant chain, on Tuesday announced that it has raised $5 million (over Rs 40 crore) in a funding round led by Carpediem Capital 's new fund, Yugadi Capital, along with participation from other investors. The pre-Series C funding will facilitate expansion plans, strengthen workforce across departments, and improve operational and logistical capabilities. The company aims to establish more than 100 additional outlets within the next three years, as stated in their announcement. "We are poised to accelerate our expansion by opening over a 100 new brand stores over the next three years, in popular high street markets and malls across north India," Biryani Blues Co-founder Raymond Andrews said, according to news agency PTI. Previously, Biryani Blues obtained $5 million in Series B funding from Rebel Foods in FY22. The company had earlier received $2 million in Series A funding from Carpediem Capital Partners Fund I between FY 2016 and FY 2017. The company reported revenue of $10 million in FY25, with its valuation reaching $30 million following the recent funding. The company, operating under Thea Kitchen Pvt. Ltd, currently manages 68 outlets throughout North India and Bengaluru. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
13-05-2025
- Business
- Business Standard
Biryani Blues raises $5 million in funding led by Yugadi Capital fund
Quick service restaurant chain Biryani Blues on Tuesday said it has raised USD 5 million (over Rs 40 crore) in a funding round led by Carpediem Capital's new fund Yugadi Capital with participation of other investors. The fund raised in a pre-Series C funding round will support expansion strategy, enhance human capital across functions, and upgrade operations and logistics. The brand plans to open over 100 new outlets over the next three years, Biryani Blues said in a statement. "We are poised to accelerate our expansion by opening over a 100 new brand stores over the next three years, in popular high street markets and malls across north India," Biryani Blues Co-founder Raymond Andrews said. Operating under Thea Kitchen Pvt. Ltd, Biryani Blues runs 68 outlets across North India and Bengaluru. Earlier, Biryani Blues raised USD 5 million in Series B funding from Rebel Foods in FY22. It had previously secured USD 2 million in Series A funding from Carpediem Capital Partners Fund I between FY 2016 and FY 2017. "With this infusion, we reinforce our confidence in management's ability to scale its decade-long success. We remain committed to supporting Biryani Blues and its strong market potential," Carpediem Capital Chairman Arvind Nair said. Biryani Blues said it clocked a revenue of USD10 million in FY25 and after the latest funding, its valuation has reached USD 30 million. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
13-05-2025
- Business
- Time of India
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 . #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare 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. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 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.
Time of India
28-04-2025
- Business
- Time of India
Adinath Agro to raise Rs 80 crore led by Carpediem Capital; plans expansion across 9 states
Adinath Agro , which runs 2 brands - Surabhi and Winn, will be raising Rs 80 crore through 70 per cent equity and 30 per cent debt, where equity will be led by Carpediem Capital , Chandan Polekar, CEO at Adinath Agro told ETRetail. The company will be deploying these funds towards CAPEX, expanding manufacturing and marketing activities. "We have already got the commitment of 50 per cent of the funds, and we are hoping to close the remaining by the end of this quarter. Before this, we raised funding back in 2015-16 from Carpediem Capital," he asserted. Currently, the company has a presence in 3 states - Maharashtra, Goa, and Karnataka - and plans to expand its presence to 9 states - Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Gujarat, and Madhya Pradesh. Chhattisgarh - by this fiscal year's end. "We have already appointed distributors and plan to go live soon in these new states as well," he said. "Currently, we have a presence in around 45,000 general trade outlets, and our aim is to scale that to 1,20,000 over the next two years," he further added. Whereas, in modern trade, it is already present in chains like Reliance and DMart, and is working on expanding into regional retail chains like Ratnadeep, Vijetha, and Namdhari's in the South. "Additionally, we've made strong inroads through e-commerce, with a pan-India presence on platforms like Zepto and Amazon Fresh. We're also in talks with Flipkart Minutes. Swiggy is live in Gujarat," he stated. At present, the company has a presence in five major categories - ketchup, Chinese sauces, mayonnaise, Indian condiments, and canned foods. By the end of the fiscal year, it aims to be present in eight core categories. In terms of SKUs, the company offers 40 SKUs across Surabhi and Winn. Over the next six months, it is planning to launch a new range of Chinese masalas and soups at a Rs 10 price point, which will add another 15 SKUs to its portfolio. "In the last 8 months, Adinath Agro has launched a new range of oriental sauces under the brand Winn, and it is seeing a 25 per cent quarter-on-quarter growth," he stated. Over the next two years, the company is planning to invest around Rs 45–50 crore to expand the production capacity by threefold, especially across its ketchup, mayonnaise, and oriental sauce lines. "We already own a 33-acre land parcel, so we're well-positioned in terms of space. The investment will be directed toward setting up additional manufacturing lines and enhancing capabilities within our existing premises," he explained. At present, Winn - offering an international portfolio with products like oriental sauces - contributes more than 50 per cent to the topline of the company, Surabhi - catering to the domestic market with ketchup, jams, Indian condiments, and cooking aids like ginger-garlic paste - accounts for about 30 per cent and the remaining 20 per cent comes from its B2B brand, Magic King. The company, which closed the last fiscal with Rs 117 crore in revenue, is eyeing to close this fiscal at Rs 150 crore. "From the past 4 years, we have been growing at the CAGR of 18-20 per cent, and over the next 2 years, we plan to grow at 28-30 per cent CAGR," he concluded.
