Benne Dosa Chain Raises Rs 35 Crore in Pre-Series A Funding

Mumbai-based dosa chain Benne has successfully secured Rs 35 crore (approximately $3.70 million) in a pre-Series A funding round spearheaded by Ranjan Pai’s Claypond Capital. The company’s board has approved the issuance of 1,799 compulsorily convertible preference shares (CCPS) priced at Rs 20,349 each to achieve this funding, as indicated in a regulatory filing reviewed by Startup Superb.

This funding round was dominated by Ranjan Pai’s family office, Claypond Capital, which contributed Rs 28.75 crore. Additionally, AL Trusts injected Rs 3.5 crore, followed by Mukul Agrawal with Rs 1.75 crore. Madhukeshwar Desai and Cortado Advisory Services also played a role by investing Rs 75 lakh and Rs 25 lakh, respectively.

Startup Superb’s estimates suggest that this funding round has valued the company at approximately Rs 364 crore (around $38.3 million) on a post-money basis. The new funds are earmarked for enhancing the company’s operations and backing its future growth strategies.

Previously, in April, Moneycontrol reported that Benne was discussing plans to raise Rs 35–40 crore in a funding round led by Claypond Capital.

Founded by the husband-and-wife team Akhil Iyer and Shriya Narayan, Benne operates as a quick service restaurant (QSR) chain, specialising in authentic Bengaluru-style dosas. The business generates revenue through various avenues, including dine-in, takeaway, and food delivery, with its limited menu and compact outlets promoting operational efficiency and ensuring consistent quality.

As a result of the latest funding round, Claypond Capital Partners has emerged as the largest external investor, holding an 8.21% stake. Other key investors include Mukul Mahavir Agrawal (5%), Madhukeshwar Desai (3.85%), AL Trust (1%), and Cortado Advisory Services (0.07%). Benne is in competition with brands like The Rameshwaram Cafe, Cafe Amudham, and other upscale South Indian QSRs.