The biryani segment in India has witnessed significant growth over the last decade, particularly with the rise of hybrid kitchens offering niche, specialized menus. Biryani By Kilo (BBK), a prominent omnichannel brand in this space, has been steadily expanding, recording impressive figures for the fiscal year 2024.
BBK’s revenue from operations increased by 22.9%, reaching Rs 268 crore in FY24, compared to Rs 218 crore in FY23, as per the company’s consolidated financial statements filed with the Registrar of Companies. The majority of the company’s revenue—94.76%—comes from its signature offerings such as biryani, kebabs, korma, and curries, which collectively saw a 23.3% growth, amounting to Rs 254 crore in FY24. The remaining Rs 14 crore in income was generated from its delivery services.
Additionally, BBK earned Rs 4 crore from non-operating income, bringing its total revenue for FY24 to Rs 272 crore.
Regarding costs, the procurement of materials made up 32% of the company’s overall expenditure, rising by 16.8% from Rs 95 crore in FY23 to Rs 111 crore in FY24. Interestingly, as the company scaled, employee benefit expenses fell by 11.4%, from Rs 79 crore in FY23 to Rs 70 crore in FY24. Marketing expenses also dropped by 15.2% during the same period. Other operating expenses, including rent, commissions, and transportation, led to a rise in total expenditure, which went from Rs 321 crore in FY23 to Rs 346 crore in FY24.
Despite these increased expenses, BBK managed to reduce its losses by 29.7%, dropping from Rs 101 crore in FY23 to Rs 71 crore in FY24. Its EBITDA stood at a negative Rs 51 crore, but both its EBITDA margin and return on capital employed (ROCE) improved to -51.5% and -18.75%, respectively. The company’s efficiency in managing its costs resulted in spending just Rs 1.29 to earn a rupee in FY24.
BBK’s total current assets amounted to Rs 115 crore, with cash and bank balances totaling Rs 83 crore, showing a stable liquidity position.
To date, BBK has raised around $55 million, including a $35 million Series B round in November 2021 led by Falcon Edge. With a post-allotment valuation of approximately Rs 840 crore ($105 million), the company continues to compete against players like Rebel Foods’ Behrouz Biryani, Biryani Blues, and other emerging cloud-kitchen brands in the space.