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QSR chain Biryani Blues raises $5 Mn led by Yugadi Capital

EntrackrEntrackr · 1m ago
QSR chain Biryani Blues raises $5 Mn led by Yugadi Capital
Medial

Quick Service Restaurant (QSR) chain Biryani Blues has raised $5 million (about Rs 42 crore) in a pre-Series C funding round led by Carpediem Capital’s new fund, Yugadi Capital. 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. Biryani Blues last had a funding round in 2021, when it received $5 million (around Rs 36 crore) from Rebel Foods, the parent company of Faasos and Behrouz Biryani. To date, it has raised $15 million. The fresh funds will be used to open 100 new outlets, hire talent, and improve operations and logistics, Biryani Blues said in a press release. Co-founded in 2013 by Raymond Andrews and Aparna Andrews, Biryani Blues operates in three formats: Express stores focused on delivery with minimal seating, cloud kitchens, and food courts in malls, airports, and railway stations. The brand claims that it currently operates 68 outlets across North India and Bengaluru. Biryani Blues states that it has 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. The Hyderabad-based 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. Biryani Blues draws 70% of its revenue from aggregators such as Zomato, Swiggy, and Magicpin, while the remaining 30% is split between delivery, dining, and takeaway services. The company ended FY25 with revenue of Rs 85 crore against Rs 76 crore in FY24, and is targeting Rs 102 crore in FY26.

Laiqa raises Rs 15 Cr in seed round from IvyCap Ventures

EntrackrEntrackr · 10m ago
Laiqa raises Rs 15 Cr in seed round from IvyCap Ventures
Medial

Gurugram-based femtech startup Laiqa Wellness has raised Rs 15 crore in its seed round from IvyCap Ventures. The proceeds will be used to drive the expansion and development of the company’s tech-based solutions, which focus on personalized hormonal health tracking, point-of-care assessments, and AI-driven recommendations that integrate both modern science and Ayurveda. Founded in August 2023 by Monica Bindra, Harmeet Bindra, and Meenakshi Singh, LAIQA offers a unique approach to women’s wellness by addressing hormonal imbalances through cycle-synced, personalized care. Its offerings cater to a wide range of hormonal imbalance-driven conditions, such as PCOS, thyroid disorders, insulin resistance, sleep disturbances, and other lifestyle-related issues. The app’s proprietary algorithm objectively scores health parameters and provides cycle-synced actionable insights, helping users manage these changes for enhanced productivity, improved energy levels, and overall wellness. IvCap has backed startups across categories such as Purplle, Bluestone, Bewakoof, Convosight, Lissun, Elucidata, Deep Rooted, Wagr, YellowSkye, and Biryani By Kilo.

Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods

EntrackrEntrackr · 1y ago
Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods
Medial

Cloud kitchen startup Curefoods has raised an additional capital of $25 million in its Series D round from Three State Ventures, a fund launched by Flipkart co-founder Binny Bansal. The company raised $36 million in the first tranche of Series D and is now valued at $375 million, according to Curefoods founder and CEO Ankit Nagori. As per data intelligence platform TheKredible, it has raised more than $190 million to date. Bansal made the investment by buying out Cultfit’s remaining stake in the cloud-kitchen platform and from some angel investors, according to an ET report. Four-year-old Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. Also Read: Decoding the financial health of leading cloud kitchen startups Besides fundraising, the company also acquired two brands – YumLane Pizza and Millet Express in 2023. Curefoods competes with Rebel Foods and Box8, FreshMenu, and a host of independent brands such as Biryani Blues and Biryani by Kilo. Among the cloud kitchen brands, Curefoods is the second largest brand in terms of revenue after Rebel Foods. While Rebel Foods’ revenue from operations grew 39.2% to Rs 1,195 crore in FY23, Curefoods reported Rs 384 crore in revenue followed by EatClub with revenues exceeding Rs 300 crore in the same period. Biryani By Kilo also claims a revenue of around Rs 300 crore in the last fiscal year.

Rebel Foods raises $25 Mn from QIA: Report

EntrackrEntrackr · 2m ago
Rebel Foods raises $25 Mn from QIA: Report
Medial

Cloud kitchen company Rebel Foods, which is set for a public-market listing in 2025-26, has reportedly raised $25 million (about Rs 212.71 crore) from Qatar Investment Authority. Mint, which reported the development first, added that the company raised the capital at a valuation of $1.4 billion. The fresh funds will be used to expand its physical restaurants and food courts business. Rebel Foods declined to comment on the story. In December 2021, the firm announced its Series G funding round of $210 million, comprising a mix of primary and secondary share sales. It has raised $773 million to date from KKR, Temasek, Lightbox, Evolvence, and others. Rebel Foods currently claims to have over 450 cloud kitchens across India, MENA, Indonesia, UK, including 75 cities in India. Its major competition includes horizontal and vertical foodtech plays including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods. In February this year, Rebel Foods announced that it has launched its 15-minute food delivery app, QuickiES. Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 1,195 crore in FY23. The company generates most of its revenue through its core operations (sale of food), contributing 96.7% of the total operating revenue in FY24. It is a full-stack food tech firm that makes money from the sale of food through its owned stores and kitchens.

Decoding the financial health of leading cloud kitchen startups

EntrackrEntrackr · 1y ago
Decoding the financial health of leading cloud kitchen startups
Medial

The restaurant industry is witnessing a transformation with the rise of delivery-only models known as ‘cloud kitchens’, ‘virtual kitchens’, or ‘ghost kitchens’. These innovative concepts are reshaping how food is prepared, delivered, and consumed, challenging traditional restaurant models. According to a Redseer report, the estimated size of the cloud kitchen market would touch $3 billion by 2024, from $400 million in 2019. Moreover, top startups operating in the segment mopped up around $600 million in funding in the past three years and close to $1 billion since their inception, according to the startup intelligence platform TheKredible. Among India’s top cloud kitchen startups, Rebel Foods stands out as the poster boy with a topline of around Rs 1,200 crore in FY23. The list further includes Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, Dil Foods, and HOI Foods. [Top funded cloud kitchen startups] Rebel Foods, which operates brands like Faasos (now EatSure), Oven Story, Lunch Box, The Good Bowl, Behrouz, Sweet Truth, and Firangi Bake, also emerged as the sole unicorn from the cloud kitchen space. The Peak XV Partners-backed company alone raised over $535 million to date whereas Curefoods scooped up around $170 million from the likes of Binny Bansal’s Three State Ventures, IronPillar, Chiratae, and Accel. In December 2023, Kitchens@ raised $65 million from London-based private equity firm Finnest. It’s worth highlighting that the firm also acquired Swiggy’s cloud kitchen’s business ‘Access Kitchens’ in a share swap deal in March last year. To recall, Swiggy entered the cloud kitchen business back in 2017. EatClub raised around $75 million across rounds including a $40 million round led by Tiger Global in December 2021. In 2022, it was also in the news for a secondary round worth $30 million. The firm operates several popular cloud kitchen brands such as Box8 and Mojo Pizza. Biryani By Kilo recently raised $9 million in an ongoing round, pushing the company’s total fundraise to $55 million to date. [Top revenue-generating cloud kitchen startups in India] Rebel Foods’ revenue from operations grew 39.2% to Rs 1,195 crore in FY23 from Rs 858.6 crore in FY22. Curefoods and EatClub follow closely, with revenues exceeding Rs 300 crore each. Biryani By Kilo also claims a revenue of around Rs 300 crore in FY23. However, beyond these frontrunners, no other brands have crossed the Rs 100 crore revenue mark as of March 2023. FreshMenu, Biryani Blues, and Kitchens@ recorded 7.5%, 53.7%, and 64.8% growth in revenue to Rs 70.21 crore, Rs 68.54 crore, and Rs 61.6 crore, respectively during FY23. While Dil Foods and HOI Foods posted Rs 7.08 crore and Rs 2.85 crore operating revenue during the year. [Spending by the cloud kitchen brands in FY23] Rebel Foods spent 31.6% of its total expenditure on the cost of materials amounting to Rs 577.54 crore while 22.2% or Rs 405.46 crore on the employee benefit cost. The overall cost of the company surged 27.9% to Rs 1,827 crore during FY23 from Rs 1429 crore in FY22. Curefoods, EatClub, FreshMenu, and Biryani Blues also spent the most on the cost of materials accounting for Rs 171.7 crore, Rs 126.17 crore, Rs 27.48 crore, and Rs 25.88 crore respectively. Whereas, employee benefit costs of these brands stood at Rs 103.5 crore, Rs 99.5 crore, Rs 17.31 crore, and Rs 14.2 crore. Kitchens@, Dil Foods, and HOI Foods spent the most on employee benefits followed by the cost of materials. In line with revenue, Rebel Foods is also on top in terms of losses. Though, the rise in losses is lower than revenue growth. The company’s losses went up nearly 23% to Rs 656.5 crore during FY23. Curefoods’ bottom line jumped 4.7X to Rs 342.7 crore while EatClub’s losses rose 53.8% to Rs 69 crore during the period. Kitchens@ (Rs 27.3 crore), Biryani Blues (Rs 15.42 crore), FreshMenu (Rs 10.15 crore), HOI Foods (Rs 1.23 crore), and Dil Foods (Rs 0.9 crore) are next in line in terms of losses. [A look at unit economics of top cloud kitchen brands] On a unit level, Rebel Foods, Curefoods, and EatClub spent Rs 1.53, 1.97, and 1.25 to earn a rupee of operating revenue in FY23. Despite their impressive revenue growth, profitability remains a challenge for many cloud kitchen startups. [Conclusion] When we compare the numbers of these players with the large listed players, we see a clear difference in critical cost heads like cost of material, employee costs. Those are areas that will need a continuous improvement in metrics, for these firms to make a serious push for profitability. While some like Freshmenu are in a clear battle to survive until the market turns into a less hostile environment, almost none of these firms can afford to burn through funds as they did in the pre-pandemic years. Even as customers seem to be reconciling to the sharp increase in sticker prices on the menu, pressure on margins from delivery, fast turning into duopoly, will ensure there is little respite in the immediate future. It will take some significant structural changes in the market, in terms of opportunity as well as growth drivers, for these firms to truly sizzle.

Cookd raises Rs 16 Cr in pre-Series A round led by Spring Marketing Capital

EntrackrEntrackr · 10h ago
Cookd raises Rs 16 Cr in pre-Series A round led by Spring Marketing Capital
Medial

Cookd raises Rs 16 Cr in pre-Series A round led by Spring Marketing Capital Consumer food brand Cookd has raised Rs 16 crore (around $2 million) in its pre-Series A round led by Spring Marketing Capital, with participation from Eternal Capital, Sun Icon Ventures, and PeerCheque. The Chennai-based startup will use the funds to deepen its presence in Tamil Nadu, expand into Kerala, and ramp up product innovation across masalas, gravies, and ready-to-use kits. Founded in 2019, Cookd offers a range of cooking products including biryani kits, masalas, pastes, and recipe kits, all free from preservatives and designed for taste, convenience, and control. The brand’s products are available across D2C, offline retail, and quick commerce platforms such as Swiggy Instamart, Blinkit, and Zepto. With a strong footprint in Tamil Nadu, Cookd is now expanding across South India. It currently operates in over 1,600 retail stores and leads the biryani kit category in Q-commerce. The brand’s growth is fueled by its content engine, reaching over 6 million followers and generating over 150 million monthly video views across social platforms. Cookd blends product innovation with creator-led content, using its chef-influencer model to gather real-time consumer insights and build brand trust. Spring Marketing Capital has previously backed brands such as Purplle, Jar, and Giva.

Rebel Foods posts Rs 1,420 Cr revenue in FY24; losses down by 42%

EntrackrEntrackr · 10m ago
Rebel Foods posts Rs 1,420 Cr revenue in FY24; losses down by 42%
Medial

Cloud kitchen posterboy Rebel Foods (formerly Faasos) significantly improved its financial health during the fiscal year ending in March 2024. The Mumbai-based firm achieved nearly 19% growth in scale and reduced its losses by over 40% during the same period. Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 1,195 crore in FY23, as per the company’s consolidated financial statements with the Registrar of Companies. The company generated most of its revenue through its core operations (sale of food), contributing 96.7% of the total operating revenue in FY24. Rebel Foods is a full-stack food tech firm that makes money from the sale of food through its owned stores and kitchens. A small part of its income also came from commission, storage, franchise, delivery services, compensation on account of cancellation, and royalty. Apart from operating income, the foodtech firm also earned Rs 65.29 crore via interest and gain on financial assets (non-ops income) which increased the overall revenue to Rs 1,485.53 crore in FY24. On the expense front, the cost of materials accounted for 33% of the total burn which increased 6.2% to Rs 613.35 crore in FY24. Employee benefits expenses, however, marginally decreased (2.6%) to Rs 394.92 crore during the last fiscal. This overhead also includes the ESOP expenditure of Rs 46.55 crore, followed by brokerage, commission, and promotional costs. For more details, head to TheKredible. Also read: Decoding the financial health of leading cloud kitchen startups With improved topline, Rebel Foods also managed to keep a check on total expenses which grew mere 1.6% to Rs 1,857 crore in FY24. The firm also cut down its losses by over 42% to Rs 378 crore. As of FY24, the company’s outstanding losses stood at Rs 2,911 crore. The improved bottom line can also be seen via EBITDA margin which bettered to -10.76% in FY24, improving by nearly 2,000 BPS. Rebel Foods recorded an EBITDA loss of Rs 159.83 crore in the same period. FY23-FY24 FY23 FY24 EBITDA Margin -30.33% -10.76% Expense/₹ of Op Revenue ₹1.53 ₹1.31 ROCE -39.65% -35.50% On a unit level, the foodtech major spent Rs 1.31 to earn a rupee of operating revenue during the period. Rebel Foods currently claims to have over 450 cloud kitchens across India, MENA, Indonesia, UK, including 75 cities in India. The Peak XV-backed firm raised its last equity round in November 2021 and since then it has received nearly $50 million in debt across five tranches. It’s reportedly in talks to raise up to $150 million in a mix of primary and secondary components. Rebel Foods’ major competition includes horizontal and vertical foodtech plays including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.

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