Quick service restaurant chain Biryani Blues raises $5 million to open 100 new outlets

Quick service restaurant (QSR) chain Biryani Blues has raised $5 million (around Rs 42 crore) in a pre-Series C funding round led by Yugadi Capital, the newly launched fund from private equity firm Carpediem Capital. 

The round, closed at a post-money valuation of Rs 250 crore (approximately $30 million), marks a 51% premium over its last valuation following a 2021 funding round led by Rebel Foods. With the latest infusion, Biryani Blues has raised a total of $15 million to date.

Aiming to open new outlets

The Gurugram-based startup, which was co-founded in 2013 by Raymond Andrews and Aparna Andrews, plans to use the funds to open 100 new outlets, strengthen its workforce, and upgrade logistics and operational capabilities.

"Our focus is to open around 50 stores over the next two years, and by the third year, we aim to have about 100 new stores," said Raymond Andrews. He added that most of these will be Express-format stores—small, delivery-oriented outlets located on high streets and in malls.

Market presence

Biryani Blues currently operates 68 locations across North India and Bengaluru through a multi-format strategy that includes Express stores, cloud kitchens, and b in malls, airports, and railway stations.

The startup follows an omni-channel model that serves both dine-in and delivery customers and processes more than two lakh orders every month. About 70% of its revenue comes from aggregator platforms such as Zomato, Swiggy, and Magicpin, while the remaining 30% is generated through its own channels.

Financial performance

Biryani Blues reported EBITDA profitability in FY25, citing a nearly 5% improvement in gross margins, driven by more efficient procurement, tighter inventory management, and operational streamlining. Biryani Blues ended FY25 with around Rs 85 crore in revenue, up from Rs 76 crore in FY24. It now targets Rs 102 crore in revenue for FY26, with a current annual revenue run rate of around Rs 100 crore.

The brand plans to remain focused on expanding within North India over the next two to three years, with nearly two-thirds of its upcoming outlets expected to be launched in Delhi-NCR. "Every store we open here becomes profitable or breaks even within the first three months," Andrews said.

"We reinforce our confidence in the management's ability to scale up its decade-long success," said Arvind Nair, chairman of Carpediem Capital. "We remain committed to supporting Biryani Blues and its strong market potential."