Exclusive: Dosa chain Benne raises Rs 35 Cr led by Rajan pai's Claypond Capital

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Mumbai-based dosa chain Benne has raised Rs 35 crore (around $3.70 million) in a pre-Series A funding round led by Ranjan pAi’ Claypond Capital.
The company's board has passed a resolution to issue 1,799 compulsorily convertible preference shares (CCPS) at an issue price of Rs 20,349 each to raise the aforementioned amount, according to its regulatory filing accessed by Entrackr.
The round was led by Ranjan Pai's family office, Claypond Capital, which invested Rs 28.75 crore. AL Trusts invested Rs 3.5 crore, followed by Mukul Agrawal with Rs 1.75 crore. Madhukeshwar Desai and Cortado Advisory Services also participated, investing Rs 75 lakh and Rs 25 lakh, respectively.
According to Entrackr's estimates, the round valued the company at around Rs 364 crore (approximately $38.3 million) on a post-money basis. The fresh proceeds will be deployed towards expanding the company's operations and supporting its growth plans.
In April, Moneycontrol reported that Benne was in talks to raise Rs 35–40 crore in a funding round led by Claypond Capital.
Founded by husband-wife duo Akhil Iyer and Shriya Narayan, Benne is a quick service restaurant (QSR) chain focused on authentic Bengaluru-style dosas. The brand generates revenue through dine-in, takeaway, and food delivery, with a limited menu and compact outlets driving operational efficiency and consistent quality.
Following the allotment, Infinyte Club remains the largest external shareholder with a 9% stake in the company, followed by Claypond Capital Partners at 8.21%, Mukul Mahavir Agrawal with 5%, Madhukeshwar Desai with 3.85%, AL Trust at 1%, and Cortado Advisory Services with 0.07%.
Benne competes with The Rameshwaram Cafe, Cafe Amudham, and other premium South Indian QSR brands.

document fetched 2026-08-07 07:28