Daryaganj has raised INR 90 lakhs from shark tank season 2. Aman invested in this starrtup. The pitcher asked for ₹90 lakhs for 0.5% equity at the valuation of ₹180 crores.
At first, Veenita offered ₹90 lakhs for 1% equity. Anupam offered ₹10 crores for 20% of Raghav’s equity and ₹90 lakhs for 0.5% equity of the company. Aman offered ₹50 lacs for 1% equity and ₹40 lacs debt at 12% interest with the condition Aman be included as a secondary offload. Founder’s counteroffer was to Aman for ₹90 lakhs at 0.75% equity. Then they give a second counteroffer for ₹90 lacs at convertible debt with a 30% discount on the next round’s valuation. Later Aman gave a last offer of ₹90 lakhs for 1% equity with the previous condition.
And the deal was finalized with Aman for ₹90 lacs at 1% equity with the condition that Aman would be included as a secondary offload.
Also Read Mindpeers has raised INR 1.06 crore from shark tank season 2. Aman, Vineeta, Namita, and Piyush invested in this startup. The owner made an ask of 53 lakhs for 1% equity in the company.
The company’s founders are Gurpreet Singh, Raghav Jaggi and Amit Bagga. They hail from Delhi. Raghav and Amit are childhood friends. The CEO and co-founder are Amit. The promoter and chief operating chef is Gurpreet. Raghav holds 50% equity, Amit holds 20% equity, Angel investor holds 19% equity, Gurpreet holds 2.5% equity, and ESOP is 8.5% of the company.
A refugee named Kundan Lal Jaggi came from Peshawar to Daryaganj in Delhi with a talent for cooking. He started a restaurant there with his two friends. One night many guests arrived at the restaurant, but the food from the kitchen was sold. Then he went to the kitchen, mixed a few pieces of tandoori chicken in tomato and butter gravy, and served it to the guest. This is how he invented butter chicken. Dal makhani was also invented in the restaurant. Kundan Lal Jaggi was the grandfather of Raghav Jaggi, a most authentic and flavourful restaurant in North Indian cuisine. Also a complete tribute to his culinary legacy. Their unique features are a legacy, and their every single restaurant is profitable on its own.
Right now, they have five restaurants and one cloud kitchen, and they plan to open 5 more restaurants with 5 more cloud kitchens. They an aim to open 100 restaurants in the next 5 years.
Daryaganj Business Statistics:
The cost of butter chicken at Daryaganj is ₹550, and for Dal Makhani is ₹385. Last month’s net sales were ₹3 crores. Annual sales in 2021-22 were 22 crores. In 2022-23 till date, sales were ₹18 crores. And In 2022-23, projected sales are ₹38 crores. EBITDA in outlets is 21% and 13% in corporate. Out of total sales, 27% goes to food cost, staffing cost 17%, packaging 3%, real estate cost 17%, and overheads and commission 15%. The average payback period is 18-21 months. For the new outlet, CapEx is ₹1.5-₹1.75 crores.
What So Unique About Daryaganj?
Daryaganj is a restaurant started by the Inventors of Butter Chicken and Dal Makhani. Also a North Indian Cuisine restaurant. It was started with the principle of celebrating the culinary legacy of Kundan Lal Jaggi. Who migrated to Delhi in Daryaganj after the partition of India in 1947. It is one of the most authentic and flavourful restaurants of North Indian cuisine, and its unique features are a legacy which cannot be replicated or replaced.
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