Benne Dosa Raises Rs 35 Crore in Pre-Series A Round Led by Claypond Capital

Mumbai-based quick service restaurant (QSR) chain Benne Dosa has raised Rs 35 crore in a pre-Series A funding round led by Claypond Capital, the family office of Ranjan Pai. The funding gives the Bengaluru-style dosa chain additional capital to expand its operations and pursue its next phase of growth.

Benne’s board approved the issue of 1,799 compulsorily convertible preference shares (CCPS) at Rs 20,349 per share as part of the fundraise. Claypond Capital invested Rs 28.75 crore, making it the largest participant in the round. Other investors included AL Trusts with Rs 3.5 crore, Mukul Agrawal with Rs 1.75 crore, Madhukeshwar Desai with Rs 75 lakh and Cortado Advisory Services with Rs 25 lakh.

The transaction values Benne at nearly Rs 364 crore on a post-money basis. The company plans to use the fresh capital to expand its operations and fund growth initiatives.

The fundraise follows earlier reports that Benne was looking to raise Rs 35–40 crore, with Claypond Capital expected to lead the investment. Founded by husband-and-wife team Akhil Iyer and Shriya Narayan, Benne operates in the premium South Indian QSR segment, with a focus on Bengaluru-style dosas. 

Following the latest share allotment, Infinyte Club remains Benne’s largest external shareholder with a 9 percent stake. Claypond Capital Partners holds 8.21 percent, followed by Mukul Mahavir Agrawal at 5 percent, Madhukeshwar Desai at 3.85 percent, AL Trust at 1 percent and Cortado Advisory Services at 0.07 percent. Peercheque remains among the company’s early backers.

“Our focus will remain firmly on customer experience. The funding will help us build a stronger foundation, enabling us to stay true to our ethos and values while creating better experiences for our customers," shared Akhil Iyer, Founder, Benne to Restaurant India.

Benne operates in an increasingly competitive premium South Indian QSR segment, competing with brands including The Rameshwaram Cafe and Cafe Amudham.