Restaurant India News: Anicut Capital Partners with Daryaganj Restaurants in Strategic Investment

In a significant development for India’s casual dining sector, Anicut Capital has announced a strategic investment partnership with Daryaganj Hospitality Pvt. Ltd., popularly known as Daryaganj – By the Inventors of Butter Chicken & Dal Makhani. This marks the brand’s first institutional investment, aimed at strengthening its operational base, enhancing internal systems, expanding its team, and driving efficiency across all units.

Daryaganj, known for its robust performance and authentic North Indian cuisine, currently records an annual revenue of ₹100 crore, with 26% contributed by delivery operations. The brand maintains a consistent double-digit corporate EBITDA, underscoring strong unit economics and operational discipline.

Rooted in the culinary legacy of Kundan Lal Jaggi, credited as the inventor of Butter Chicken and Dal Makhani, Daryaganj combines heritage with modern dining sensibilities. The brand has achieved an impressive 14% same-store sales growth (SSSG), with its New Delhi Aerocity outlet now generating 80% higher revenue than in its first year.

With over 2.7 million guests served and a 59% repeat customer rate, Daryaganj has won over 63 awards, including recognition among the FOOD FOOD Top 50 Restaurants in India and Zomato’s User’s Choice Awards for Best Butter Chicken and Best Dal Makhani. It also made history as the first-ever casual dining brand featured on Shark Tank India.

Currently operating 15 outlets across India and overseas, Daryaganj launched its first international restaurant in Bangkok in May 2025 under its premium vertical, Daryaganj GOLD. The brand now plans to expand into the UK, GCC, and Southeast Asia, while strengthening its presence in India’s top eight cities, including Mumbai and Bengaluru.

The future plans include the introduction of a fast-casual dining format and extending the Daryaganj GOLD concept to five-star hotel properties within India. With Anicut Capital’s backing, Daryaganj aims to accelerate its journey from a ₹100 crore brand to a ₹1,000 crore enterprise, marking a bold new chapter in its growth story.

“This is a milestone moment we are proud of. Anicut Capital is our first institutional investor and brings governance strength and real consumer-investing know-how: the kind that sharpens unit economics and travels well into newer formats and newer cities. With this smart capital and counsel, we’ll scale with discipline while protecting what makes Daryaganj and its legacy special,” says Raghav Jaggi, Founder & Promoter.

Amit Bagga, Co-founder & CEO, Daryaganj adds, “We welcome Anicut Capital to the Daryaganj family. Their investment is a strong validation of our vision and business fundamentals. Having crossed 100 crores in revenue with double-digit corporate EBITDA margins, we are poised for the next phase of expansion, delivering long-term value for all stakeholders. We thrive to combine tradition with innovation to deliver exceptional guest experiences. Our journey has always been about our people which includes the team, our shareholders, and the millions of guests who trust and love us. This is just the beginning of a much larger journey to achieving our mission of making North Indian the most loved cuisine in the world.”

“We are delighted to back Daryaganj, A brand that has successfully combined the rich legacy of their iconic butter chicken with a modern and scalable dining format. The team deep understands of culinary heritage, operational excellence and a strong customer appeal positions them uniquely in the market. We look forward to partnering with them in building Daryaganj into a leading brand in the F&B space,” says Ajay Anand, Partner in the Early-Stage practice at Anicut.