Biryani By Kilo has acquired a majority stake in healthy dessert startup Get-A-Way for USD 2 million. Launched in 2019, Get-A-Way sells healthy desserts that have no added sugar, are high in protein, keto-friendly, and low in calories. The company also appeared in Shark Tank India season 1 and raised an investment of Rs 1 crore from Aman Gupta, Ashneer Grover, and Vineeta Singh.
Presently, Sky Gate Hospitality, the parent company of Biryani by Kilo, owns a majority stake in the desert startup, while the founder siblings, Jash Shah and Pashmi Shah, own a minority stake.
Commenting on the investment, Vishal Jindal, founder and co-CEO of Biryani by Kilo, said that the company has clocked Rs. 132 crore in revenue in FY22; looking at profitability, two acquisitions this fiscal The company aims to become profitable by June or July next year with an annual run rate of Rs. 500 crore, said Jindal. Talking about its plans to scale, he shared that BBK is in the advanced stages of acquiring two brands.
Vishal Jindal also said, “We have invested USD 2 million in Get-A-Way, and as and when needed, we are prepared to put more money in, as we clearly see this as a Rs. 100 crore revenue brand in the next two to three years.”
Presently, Get-A-Way is recording a monthly run rate of Rs. 2.5 crore. The startup plans to use the funds to hire talent, expand manufacturing capabilities, widen its product portfolio, and create a robust sales channel. The company also plans to launch products such as healthy cakes and vegan ice creams in the next 1-2 months.
Sharing how Biryani by Kilo will help grow the brand, Shah, co-founder of Get-A-Way, said, “While trying to raise funds, we would have gone the typical VC route, but in the end, we would have had to build the entire distribution from scratch, which comes already with this partnership, along with capital. So, I think that really worked well for us.
Jindal said, “Jash and his team have a great product, and we have a great distribution and supply chain network along with an understanding of how this business works and needs to be scaled.”
He added that by Christmas, the company will open Get-A-Way’s first offline retail store in Goa. Commenting on its investment in another north Indian cuisine brand, he said that the company has already done pilots in six to seven cities, and by early next year, Biryani by Kilo will acquire a majority stake in the north Indian food brand. Confirming another key announcement, Jindal said that by the beginning of 2023, Biryani by Kilo plans to raise a Series C round of around 30 to 40 million dollars.