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

EntrackrEntrackr · 2m 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.

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Fintech startup QuiD Cash raises $4.5 Mn in pre-Series A round

EntrackrEntrackr · 7m ago
Fintech startup QuiD Cash raises $4.5 Mn in pre-Series A round
Medial

Supply chain fintech startup QuiD Cash has raised $4.5 million (around Rs 38.23 crore) in its pre-Series A round from a host of angel investors, including Piyush Jain and existing backer MINTCAP. Earlier in 2024, QuiD had raised Rs 5 crore in its pre-seed funding led by Mint Cap Enterprises and Stone Park Capital. The proceeds will be used for technology enhancement and business growth. The firm has also launched QuiD Capital, an NBFC designed to facilitate anchor-led invoice financing. Founded by Subhash Gupta and Vikram AG, QuiD Cash provides tech-based financial solutions through its B2B supply chain platform. It serves around 8,000 users and partners with over 20 major companies in the FMCG, automotive, pharmaceuticals, and agriculture industries. These companies handle transactions worth Rs 50 crore to RS 250 crore every month. The firm operates with a team of 40 employees and plans to expand to 50 people next year. It aims to onboard 5 lakh retailers in the next two years.

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.

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.

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