Law firm Antares provides counsel to main financier Yugadi Capital regarding capital injection into Biryani Blues restaurant chain.
Biryani Blues, a popular quick service restaurant chain renowned for its authentic dum biryani, has announced plans for a significant expansion across North India. The expansion, which is expected to be completed within the next three years, will see the opening of over 100 new stores.
The funding for this ambitious project comes from a recent $5 million pre-Series C fundraise, led by Yugadi Capital, a new fund from Carpediem Capital. The transaction team was headed by Surbhi Kothiala, Partner at the firm, with Divyanshu Bansal and Priyanshi Aggarwal also offering support. The fundraise, worth approximately ₹40 crore, marks a significant milestone for Biryani Blues as it continues to grow in the competitive dum biryani quick service restaurant (QSR) segment.
The expansion plan is a strategic move for Biryani Blues, following their achievement of profitability and an Annual Recurring Revenue (ARR) of about Rs 100 crore. The new stores will be located in popular High Street markets and malls across North India, with a focus on consolidating and strengthening their presence in this region before expanding to other areas.
In addition to the physical store expansion, Biryani Blues aims to grow its FMCG vertical to an INR 100 crore scale and scale up its newly launched HORECA arm within the year. The company also plans to upgrade its logistics and backend operations to support the growing network, and strengthen talent acquisition in operations, delivery, and corporate support roles to ensure scalability is effectively supported by manpower.
The expansion plan is designed to cater to a larger customer base, with the aim of delivering high-quality biryani to more customers across North India and beyond. With its well-established presence of 68 outlets across North India and Bengaluru, Biryani Blues is poised for growth, and this expansion plan is a testament to their commitment to providing their customers with the best possible dining experience.
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The recent $5 million pre-Series C fundraise, led by Yugadi Capital, will be instrumental in Biryani Blues' business expansion across North India, as they aim to invest in their FMCG vertical and HORECA arm.
Biryani Blues' strategic venture in expanding their physical stores is not only focused on delivering high-quality biryani to a larger customer base but also reinforcing their presence in the competitive quick service restaurant (QSR) segment.
