Quick service. Charcoal Eats, a restaurant company, recently announced that it has secured financing of INR 45 crore. The financing round was led by Girish Patel, the founder of Paras Pharma. Investors in the round included Anil Sanghvi, chairman of Sanghvi Erectors, Ajinkya Firodia, MD of Kinetic Group, and former banker Rajiv Jain. The company operates brands such as Charcoal Eats for Biryani and B Burger in Mumbai, Pune, and Delhi NCR. Charcoal Eats intends to use this funding to boost brand operations and increase its footprint both domestically and internationally.

Krishnakant Thakur, co-founder of Charcoal Eats, stated, "For nearly a decade, Charcoal Eats has been delighting customers with scrumptious biryanis. We expanded the menu to include delicious burgers in response to consumer demands and market gaps. This influx of funds will be used to expand our brand building efforts, distribution network, technology integration, and exploration of fresh markets outside of the country. Revenues are expected to increase fivefold during the following two years. With a capex and opex light model, we want to achieve exponential development in a capital efficient manner. We are thrilled and optimistic about introducing our brands to more consumers and making their days more yummy-licious!"

Girish Patel, founder of Paras Pharma, stated, "Partnering with Charcoal Eats allows us to venture into an innovative category as food, with one of India's most popular cuisines - Biryani. We are confident that the brand will reach new heights thanks to the founders' unwavering grit and vision. We are devoted to driving operational excellence and increasing customer delight in the quick service restaurant (QSR) industry."

Charcoal Eats, founded in 2015 by Anurag Mehrotra and Krishnakant Thakur, operates over 40 restaurants, the majority of which are cloud kitchens, in Mumbai, Pune, and Delhi-NCR. The company expects to achieve an annualized run rate of INR 150 crore by the end of the fiscal year. The Indian online meal delivery market is expected to reach $18 billion by 2030, and biryani remains a popular cuisine among Indians.