Quick service restaurant chain Biryani Blues has successfully raised $5 million (approximately Rs 42 crore) in a pre-Series C funding round. This investment, led by Yugadi Capital, a new venture from private equity firm Carpediem Capital, pushes the company’s post-money valuation to around Rs 250 crore (nearly $30 million). This funding round reflects a significant 51% increase from its previous valuation in 2021, when Rebel Foods led its investment.
The Gurugram-based startup, co-founded in 2013 by Raymond and Aparna Andrews, plans to utilize this capital to expand its footprint by opening 100 new outlets in the coming years. Raymond Andrews noted that the company’s immediate goal is to establish about 50 stores over the next two years, with the remainder slated for the third year. A significant portion of these new locations will be Express-format stores, which are smaller, delivery-focused setups strategically located in high-traffic areas like malls and urban centers.
Expanding Market Presence
Currently, Biryani Blues operates 68 outlets primarily across North India and Bengaluru. The company employs a multi-format strategy encompassing Express stores, cloud kitchens, and outlets in high-traffic venues such as malls, airports, and railway stations. Its omni-channel business model caters to both dine-in and delivery customers, with over 200,000 orders processed monthly. Notably, around 70% of the revenue is generated through aggregator platforms like Zomato and Swiggy, while the rest comes from direct customer interactions.
The financial performance of Biryani Blues has also shown positive trends, achieving EBITDA profitability in FY25 with a nearly 5% increase in gross margins. The startup reported revenues of Rs 85 crore in FY25, an increase from Rs 76 crore the previous year, and is targeting Rs 102 crore for FY26. Almost two-thirds of the upcoming outlets will be launched in the Delhi-NCR region, with every new store expected to reach profitability or break even within the first three months.
Arvind Nair, chairman of Carpediem Capital, expressed confidence in the management’s ability to scale the brand, emphasizing the strong market potential of Biryani Blues as it embarks on this ambitious expansion.
