Banaraswala Raises $2 Million from Prax Impex to Expand QSR Network

Banaraswala, a food service brand focused on Banarasi cuisine, has raised $2 million in seed funding from Prax Impex Private Limited to support its expansion, menu development and franchise operations. Founded by Vibhanshu Mishra, the brand plans to grow its network to 50 outlets across Rajasthan, Uttar Pradesh, Delhi-NCR and other Tier 2 markets by March 2027.

The company currently operates three outlets in Delhi and plans to enter Banswara in Rajasthan, Sarangpur in Gujarat, and Farrukhabad and Fatehpur in Uttar Pradesh during October and November. It also sells through leading food delivery platforms.

The new funding will be used to expand its quick service restaurant (QSR) operations, develop its Banarasi molecular cuisine offering and strengthen its presence in existing and new markets. The company plans to scale through a combination of company-owned and franchise outlets.

Banaraswala’s concept draws on the food traditions of Banaras, using traditional cooking methods and elements such as kulhads, pattal and clay-based serving ware. The brand aims to retain its regional culinary identity while adapting its operations for expansion into additional markets.

Vibhanshu Mishra, Founder, Banaraswala, said, “Scaling Banaraswala is, at the same time, an effort to expand our presence and build trust in the initial ethos of the brand. The challenges faced by us have brought valuable lessons. This phase is a comeback, which has a renewed sense of purpose with a clear intent on moving ahead. We seek to take the flavours and recipes of Banaras to an untapped marketplace without deviating from their authentic nature. This investment will lead us to a strong foundation in terms of products and outlets, people and processes.”

Rajnandini, Shareholder, Prax Impex Private Limited, said, “What stood out to us about Banaraswala was the opportunity to build a modern food brand around something that already has deep cultural relevance. Vibhanshu has an impressive understanding of numbers and the market, and we believe the brand can move beyond being a regional food business to becoming a recognisable Indian food brand. Our investment is aimed at supporting that transition and the scale that comes with it. We are very confident about our association with Banaraswala and certain about the successful business.”

The investment marks Banaraswala’s next phase of growth, with the company aiming to increase its outlet count, enter new regional markets and build a wider presence for Banarasi cuisine through its QSR and franchise model.