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MUMBAI: Biryani By Kilo (BBK) on Monday said it has raised $35 million in a Series B round led by Falcon Edge Capital, with participation from SBI and existing investor IvyCap Ventures.

The Gurgaon-based business will use the funds to expand its biryani brand nationwide, targeting over 200 outlets by the end of 2024. In addition, BBK is looking to foray into international markets. 

Investec India was the exclusive financial advisor to this transaction.

Biryani is the largest category in the Indian food delivery sector, estimated to be over 25% of the overall food delivery market, but has historically been highly localised, dominated by small independent businesses with variable quality and consistency, the company said in a statement. This is in contrast to burger and pizza categories, where the leading 2 or 3 players dominate the market with over 80% share, it added.

Founder Vishal Jindal said, “We are delighted to close our Series B fundraise and have Alpha Wave | Falcon Edge on board as we look to continue to consolidate our position as India’s leading biryani brand and take BBK worldwide. BBK would also be looking at acquiring other F&B cloud kitchen brands which can be scaled pan India with our expertise in supply chain, technology & marketing. We are grateful to the support of our existing investors IvyCap and the Chand group."

Navroz Udwadia, Co-founder and Partner, Alpha Wave Ventures | Falcon Edge said, “BBK has built a strong brand with a scalable business model and best-in-class unit economics. We are excited to partner with Kaushik and Vishal, and support them in their journey to build India’s most loved biryani brand"

BBK wasfounded in 2015 is today present in over 25 cities and over 60 outlets, with around 150 crore annual revenues.

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