Back in 2019, Raghav Jaggi, and Raghav’s childhood friend, Restaurateur Amit Bagga, launched the brand Daryaganj – By the Inventors of Butter Chicken and Dal Makhani as a tribute to Raghav’s grandfather Late Kundan Lal Jaggi’s legacy.
They successfully revived the secret recipes of 1947 and have become the most popular north Indian restaurant brand.
Raghav Jaggi, Founder, and Promoter at Daryaganj say,” My Grandfather Kundan Lal Jaggi created what the north Indian tandoori cuisine to the world is. He was the inventor of Butter Chicken & Dal Makhani, and following his principles, we are taking his legacy forward”.
Daryaganj made a successful pitch to Sharks, and for the first time in Shark Tank India’s History, the sharks were taken out of their seats, and a table was laid to provide them with a quintessential dining experience. The tables were laid with a cloth of brand colour; the restaurant facade image was printed and pinned at the stage to recreate the look and feel of the restaurant. Also, the pictures of Kundan Lal Jaggi were placed with some old family photo frames on the set. The servers were wearing the same uniforms as they do at the restaurant.
Raghav Jaggi, Amit Bagga & Gurpreet Singh pitched for 90 lacs for 0.5% Equity at a valuation of 180 Crores which was further negotiated by the Sharks at Shark Tank. After much discussion, Daryaganj agreed to a deal with Aman for “1% for 90 lakhs,” Which was much lower than the valuation asked for, but the compromise was made because Aman Brings in a lot of value and would be a great mentor for the team. Also, Aman already knew about the brand and had visited a few times. He expresses that he is a big fan of our products. A family office named VVLS is also an early-stage angel investor.
Daryaganj is known for its commitment to using only the freshest and highest-quality ingredients, and its menu offers a range of options. From classic dishes to innovative new creations, every bite is a feast for the senses.
Daryaganj believes in an innovation and technology-first approach and applies the same at every step of the customer journey and also to support the overall operations. They have invented many packaging concepts like the world’s first Five senses Delivery, Saunf Mishri Box, and Kulfi Drip Tray.
The brand caters to all three generations, has served 6 lakh people till now, and is at a 45 crore annual recurring revenue poised to reach 100 cr by the end of this year.
Daryaganj Hospitality is at an outlet level with EBITDA at 20%, with all outlets profitable individually as well, corporate EBITDA at 11%. Rev per seat of 90,000 per month, which is considered extremely good for this segment. Highest revenue per sq ft in the CDR segment of 4000 rs per sq ft per month (on carpet area). Revenue recovery compared to pre-covid is overall 310%. Average daily table turns are at 2.7 times the seating capacity. 4.2 + Average Rating on Zomato, Swiggy, and Google for all restaurants.
Daryaganj won 10 popular awards this year for being the best North Indian restaurant chain, Best Packaging, Best Butter Chicken, and Restaurateur of the year for its Co-founder Amit Bagga.
“Daryaganj Brand’s Mission is to offer authentic north Indian cuisine, warm service & an overall experience par excellence at a value for money price”, says Amit Bagga, Co-Founder & CEO, Daryaganj Hospitality
The Daryaganj brand currently has five casual dining restaurants (CDR) and 2 Cloud Kitchens (CK). There are plans to open seven more CDR outlets in the next one year and another 8 Cloud outlets in Delhi NCR, Punjab, and North India, reaching 22 stores by September 23 and doubling the current revenue. The plan further on is to enter South and West India, reaching 70 outlets in 3 years from now, and the ultimate plan of the brand is to open 200 plus stores in 7 years. Also, there are plans for international expansion in Thailand, Singapore, UAE, Canada & Australia. All the stores will be all company-owned stores. The brand has already raised funds for this year’s expansion but will be open to exploring the right strategic investors for the planned aggressive future growth.
Daryaganj Outlets are at Worldmark 1, Aerocity; Regal Building, Connaught Place Pacific Mall, Tagore Garden; Ambience Mall, Gurgaon; DLF Mall of India, Noida, UP, Current Cloud Kitchens at Rajouri Garden & Noida
The brand is looking at opening at least seven more outlets in this year, all at very prominent locations like M3M Golf Course Ext, Sec 65 Gurgaon; Iris Broadway, Sec 85 Gurgaon; DLF Promenade, Vasant Kunj; Civil Lines; Sector 26, Chandigarh; Paragon Waterfront, Ludhiana; HLP Galleria Mohali. The plans are also to open Eight more Cloud Kitchens as well.
Daryaganj restaurants are eying for major expansion models, which includes Self-Funded leased Company Owned Company Operated (COCO) stores, Property Owner/Property Developer funded stores with a higher rental or revenue share in return for their investment in the restaurant Capex, Leasing out ready F&B spaces at 5-star hotels at prime locations, Infra leasing model with a minimum guarantee on the investment and additional upside from revenue share for the investor.