Kilo will acquire the majority stake in Biryani from Devyani International.

OVERVIEW In an exchange filing, Devyani International stated that its board has suggested approving the final contract and issuing equity shares that are due for the purchase. The deal's financial specifics were not made public. This comes after Pulsar Capital, an investment group located in Dubai, contributed $2 million to Biryani By Kilo.Biryani By Kilo, a cloud kitchen business, is about to acquire controlling holdings from Devyani International, which operates QSR franchises like KFC through franchise agreements. The deal's financial specifics, however, have not been made public. The formal agreement and issuance of equity shares due for the acquisition will be discussed and approved by the board at Devyani's April 24 meeting, the company announced in an exchange filing.

The filing also stated that an extraordinary general meeting of the firm must approve the issuing of equity shares. Nearly five months have passed since Biryani By Kilo Datalabs_in-article-icon raised $2 million from Pulsar Capital, an investment firm located in Dubai. The startup was valued at $100 million at the time of the fundraising, according to Inc42's estimations. Established in 2015 by Kaushik Roy and Vishal Jindal, Biryani By Kilo is well-known for its biryanis but also offers its patrons kebabs, kormas, and desserts. It has raised $52 million to date and has investors such as IvyCap Ventures and Falcon Edge Capital.