Benne Dosa Chain in Funding Discussions with Claypond Capital

Claypond Capital in Early Stages of Investing in Mumbai-Based Dosa Chain Benne

Claypond Capital, the family office of billionaire investor Ranjan Pai, is investing an estimated Rs 35-40 crore in Benne, a popular dosa chain based in Mumbai. People familiar with the developments told Moneycontrol that the valuation of Benne is being considered at Rs 350 crore during the ongoing negotiations with Claypond.

The valuation reflects a significant increase for a two-year-old cafe chain focused on dosa, idli, coffee, and other South Indian offerings. Benne competes closely with other prominent south Indian restaurants such as The Rameshwaram Cafe, which is expanding to cities outside Bengaluru, and Nikhil Kamath-backed Cafe Amudham, among others.

Benne was founded by Akhil Iyer and Shriya Narayan, a husband-wife duo with no prior experience in hospitality. Their journey began with a craving for authentic dosa, which led them to recreate Benne dosa themselves after struggling to find it in Mumbai. After several iterations, including learnings directly from dosa makers in Bengaluru, they opened Benne in Bandra around mid-2024.

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Within weeks of opening, Benne had built a cult following thanks to its reliance on storytelling and social media. High-profile celebrity footfall, including visits from Deepika Padukone and Ranveer Singh, amplified early momentum for the cafe and heightened public curiosity around the brand. The buzz intensified further when cricketer Virat Kohli and actor Anushka Sharma were also spotted at the cafe, reinforcing its growing popularity.

Benne's rising popularity has led to a two-hour wait time at its three outlets in the city, with a relentless carousel of viral reels on social media. For Claypond Capital, known for backing Akasa Air and Zepto, a bet on Benne would be among its smallest yet, and its first in the food and beverage (F&B) space.

Benne and Claypond Capital did not respond to Moneycontrol's queries regarding the deal. The round is still being constructed, and it is likely that the contours of the deal will change slightly over the coming weeks.

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