Biryani boom: Popular chain secures $2M funding for expansion
What's the story
Mumbai-based restaurant chain, House of Biryan, has successfully secured $2 million in funding to expand its outlets. The funds were raised from Al Siraj Holdings, a Middle East family office, Angel Star Ventures, a Pennsylvania-based US fund, and several high-net-worth individuals in America, according to a company statement. This investment marks Al Siraj Holdings's first formal venture in India
Growth trajectory
House of Biryan's journey and future expansion plans
House of Biryan, founded by chefs Mikhail Shahani and Mohammed Bhol in 2022, has raised a total of $3 million since its inception. The company started with two cloud kitchens and reported a revenue of ₹20 crore in its first year. With the new funding, the founders aim to increase their outlets from 12 to 30 and project an annual revenue run rate of ₹100 crore by December 2025.
Investor confidence
Investors express confidence in House of Biryan's potential
Abhineet Singh, chief investment officer at Al Siraj, expressed his confidence in House of Biryan stating, "I participated in a personal capacity in their previous round and worked closely to witness the consumer love along with solid unit economics." Currently, House of Biryan serves about 100,000 orders a month. Despite operating at an annual loss of 2%, the company expects to become profitable before the end of the year. Their average order cost is reportedly between ₹700 to ₹800.