QSR chain Biryani Blues raises Series A funding from Carpediem Capital
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Mumbai: Gurgaon-based Thea Kitchen Pvt. Ltd, which operates a chain of quick service restaurants (QSR) under the brand name Biryani Blues, on Wednesday said it has raised an undisclosed amount in Series A (first round) funding from Carpediem Capital, a private equity fund.
The fund typically makes investments in the range of Rs15 crore to Rs50 crore.
Thea Kitchen, founded in 2013 by Raymond and Aparna Andrews, aims to deploy the funds to add six outlets in the next 3-6 months.
“The QSR format in India has been dominated by western chains in recent years. The QSR space has attracted a lot of investor attention. We believe that the company (Thea Kitchen) has the opportunity to develop a highly scalable Indian QSR format,” said Arvind Nair, chairman, Carpediem Capital.
The QSR market is expected to to reach a turnover of Rs70 billion by 2015-16, growing at an average annual rate of about 27%, according to data from Crisil Ltd.
In the QSR segment, Kolkata-based Wow! Momo raised funds from the Indian Angel Network in August. Box8 and Faasos, which started out as QSR chains and shifted to a delivery-only model, raised $3.5 million and $20 million, respectively.
Biryani Blues serves Mughlai cuisine across three outlets in Gurgaon. “Biryani as a dish lends itself very well to a chain format if the right focus is put on standardisation. Over the past two years, we have received a great response from the highly discerning Gurgaon market. With the latest funding, we are keen to expand our reach,” said Andrews.