According to Entrackr, the company’s board has approved a resolution to issue 1,799 compulsorily convertible preference shares (CCPS) for ₹20,349 each to raise the stated amount.
As per the report, the funding round was spearheaded by Ranjan Pai’s family office, Claypond Capital, which contributed ₹28.75 crore. AL Trusts invested ₹3.5 crore, followed by Mukul Agrawal with ₹1.75 crore. Additionally, Madhukeshwar Desai and Cortado Advisory Services participated, investing ₹75 lakh and ₹25 lakh, respectively.
This report, if confirmed, could take the overall value of the company close to ₹400 crore.
CNBC-TV18 reached out to the company and is awaiting a response on this development.
Earlier this year in April, Moneycontrol had reported on the story, in which it was claimed that Claypond Capital was in talks for the said funding.
The name of the chain comes from the Kannada word for butter, Benne. Benne is a quick service restaurant (QSR) chain that specialises in authentic Bengaluru-style dosas.
As per Entrackr, after the allotment, Infinyte Club remains the largest external shareholder with a 9% stake, followed by Claypond Capital Partners (8.21%), Mukul Mahavir Agrawal (5%), Madhukeshwar Desai (3.85%), AL Trust (1%), and Cortado Advisory Services (0.07%). Peercheque is also recognised as one of Benne’s earliest investors.
The ‘Benne’ dosa chain was established in Bandra, Mumbai in May 2024 by its founders, Akhil Iyer and Shriya Narayan. The culinary style is influenced by the traditional Darshinis and butter dosa legacy of Bengaluru.
The brand generates revenue through dine-in, takeaway, and food delivery, with a streamlined menu and compact outlets enhancing operational efficiency and ensuring consistent quality.
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(The report will be updated if Benne responds to the query from CNBC-TV18)
(Edited by : Juviraj Anchil)
