New Delhi: Sky Gate hospitality, the parent company of Biryani By Kilo, has acquired a majority stake in healthy dessert startup, Get-A-Way for USD 2 million. ETRetail reported earlier this year that Biryani by Kilo was in the advanced stages of acquiring an ice cream startup and a north Indian cuisine brand.
Launched in 2019, Get-A-Way sells healthy desserts which 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, Biryani by Kilo owns a majority share 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, Biryani by Kilo said, “We have invested USD 2 million in Get-A-Way. As and when needed, we are prepared to put more money 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, 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.”
Commenting on the same, 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.”
When asked about expansion plans, Jindal shared that they plan to grow the brand’s presence across cloud kitchens, food aggregators, quick commerce, and retail. He added that by Christmas the company is opening 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 – 40 million dollars.