By Inc42 Media
The Beamer Brands-owned QSR will deploy the fresh proceeds to expand in cities like Bengaluru , Chennai, Odisha and Andhra Pradesh
The company claims to have raised $1.5 Mn through CapEx and $0.5 Mn through equity.
The funding was raised from a group of non-resident Indians (NRIs) including Surya Kalai, Vinod Achutan, Nagaraja Kalia and others, majorly from countries like Singapore, Australia and Switzerland.
Bengaluru-based chicken quick service restaurant (QSR) chain BIGGUYS has secured fresh funding of $2 Mn (around INR 16 Cr) from a host of non-resident Indians (NRIs) in a mix of equity and other instruments.
Among the group of NRIs, including Surya Kalai, Vinod Achutan, Nagaraja Kalia and others from across countries like Singapore, Australia and Switzerland.
The platform plans to deploy the fresh proceeds to expand into cities across Bengaluru, Chennai, Odisha and Andhra Pradesh.
“This investment will be instrumental in fueling our ambitious expansion plans and solidifying our position as a leader in the Indian QSR space,” said Biraja Rout, founder at BIGGUYS.
Founded by Rout, Abhilash Bellur and Sandeep Satpathy in 2018, BIGGUYS is a chicken QSR chain owned by Beamer Brands Pvt Ltd.
“I believe we have successfully received over $2 Mn investment from NRIs majorly from countries like Singapore, Australia and Switzerland. The primary goal is to utilise this fund to give them a sense of security, giving them a minimum guarantee model where they get a better return compared to the conventional modes of investments,” Rout told Inc42.
India’s QSR chain space has been gaining a lot of traction from investors lately.
For instance, in April, QSR chain Wow! Momo reportedly raised INR 70 Cr ($8.3 Mn) from Z3Partners as a part of its extended mega round raised by the food chain earlier this year.
However, according to Inc42’s report, the rapid expansion and adoption of food tech majors Zomato and Swiggy is set to hurt the sale of the QSR sector, which includes pizza and burger chains.