Quick Service Restaurant (QSR) chain Charcoal Eats has secured Rs 45 crore in funding, according to leading news agency PTI.
The investment round was led by Girish Patel, founder of Paras Pharma, with participation from investors including Anil Sanghvi, chairman at Sanghvi Erectors, Ajinkya Firodia, MD of Kinetic Group, and ex-banker Rajiv Jain. Charcoal Eats operates brands such as Charcoal Eats for Biryani and B Burger across Mumbai, Pune, and Delhi NCR. The funds will be used to enhance brand operations and expand both domestically and internationally.
Co-founder Krishnakant Thakur stated, "For almost a decade, Charcoal Eats has been delighting consumers with delectable biryanis. We added scrumptious burgers to the menu based on consumer preferences and market gaps. This influx of capital will be invested in furthering our brand building efforts, distribution network, better integration of technology, and exploring newer markets outside the country. We are expecting revenues to grow five times over the next two years. Coupled with a capex and opex light model, we aim to achieve exponential growth in a very capital-efficient manner. We are excited and optimistic to introduce our brands to more consumers and make their days more yummy-licious!"
Girish Patel, Founder of Paras Pharma, added, "Partnering with Charcoal Eats provides us with an opportunity to foray into an interesting category as food, with one of India’s most loved cuisines - Biryani. With a firm belief in the unwavering grit and vision of the brand’s founding entrepreneurs, we are hopeful of scaling newer heights for the brand. Together, we are committed to driving operational excellence and inducing customer delight in the QSR sector."
Founded in 2015 by Anurag Mehrotra and Krishnakant Thakur, Charcoal Eats operates around 40 outlets, primarily cloud kitchens, across Mumbai, Pune, and Delhi-NCR. The company expects to achieve an annualised run rate of Rs 150 crore by the fiscal year-end.
