Gurugram-based biryani chain Biryani Blues has raised $5 million (approximately Rs 42 crore) in a fresh pre-Series C round, with Yugadi Capital—a new fund backed by Carpediem Capital—leading the investment.
The latest round values the company at Rs 250 crore (around $30 million), a notable jump of 51% over its last known valuation in 2021, when Rebel Foods had backed the business. With this latest injection, the homegrown QSR brand has now raised $15 million in total since its inception.
Founded in 2013 by husband-wife duo Raymond and Aparna Andrews, Biryani Blues plans to go big on expansion. “We’re looking at opening 50 new stores in the next two years, and by year three, we’re aiming for a total of 100,” said Raymond. The new outlets will mostly be compact, delivery-first ‘Express’ formats, located in high-footfall zones like malls and busy market streets.
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Currently, the brand runs 68 outlets across North India and Bengaluru, using a blend of dine-in restaurants, cloud kitchens, and express counters in locations such as airports, malls, and railway stations. It clocks in over 2 lakh orders every month, with about 70% of sales coming via aggregator platforms like Zomato, Swiggy, and Magicpin. The rest comes from its own website and app.
In terms of performance, FY25 saw the brand turn EBITDA positive, thanks to smarter inventory controls, tighter supply chains, and better cost management. Revenues rose to Rs 85 crore, up from Rs 76 crore in FY24, and the company expects to hit Rs 102 crore in FY26, with a current run rate of around Rs 100 crore.
For now, the company isn’t trying to go pan-India just yet. The focus remains firmly on North India, particularly Delhi-NCR, where “every store we’ve opened has hit break-even or turned profitable in less than three months,” Raymond noted.
Backing the company’s plans, Carpediem Capital chairman Arvind Nair said: “We believe the Biryani Blues team has what it takes to scale sustainably. We’re excited to be part of this next phase of growth.”
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With biryani still holding its place as one of India’s most-ordered dishes online, Biryani Blues is looking to be the brand that delivers it hot, fast—and everywhere.
