Mumbai-based restaurant chain House of Biryan has successfully raised $2 million from a consortium of investors, including Al Siraj Holdings, a family office from the Middle East, Angel Star Ventures, a US-based fund out of Pennsylvania, and several accredited high-net-worth individuals in America. This announcement was made in a statement released by the company, as reported by CNBC TV18.
House of Biryan, which was founded by chefs Mikhail Shahani and Mohammed Bhol, has now raised a total of $3 million since its inception with two cloud kitchens in 2022. The company achieved a remarkable revenue of Rs 20 crore within its first 12 months, attracting significant interest from investors. Currently, private equity players own over 20% stake in House of Biryan.
Despite an annual operating loss of 2%, the company aims to become profitable before the end of the year. “I participated in a personal capacity in their previous round and worked closely to witness the consumer love along with solid unit economics,” said Abhineet Singh, Chief Investment Officer at Al Siraj Holdings.
Biriyani, a beloved dish across India with unique versions in almost every state, has been a major driver of House of Biryan’s success. In December 2023, Swiggy, an online food delivery platform, reported that its customers ordered an average of 2.5 biryanis every second throughout the year.
“The notion with Cloud kitchen QSR bets has been that they are difficult to profit from, but what drew me to HOB was their per-kitchen stats,” said early investor Mohit Goyal. Goyal, who spent 12 years in finance, including stints at Carlyle and CVC Capital, before investing in House of Biryan, emphasized the company’s impressive unit economics.
House of Biryan currently serves about 40,000 orders a month. “Our success lies in keeping things simple by delivering a yummy and addictive biryani within 30 minutes,” explained co-founder Mohammed Bhol.