Amit Bagga and his childhood friend Raghav Jaggi launched “DARYAGANJ - By the Inventors of Butter Chicken & Dal Makhani” in 2019 to revive the legacy of the late Mr Kundan Lal Jaggi (Raghav’s grandfather) to bring back the authentic flavors of North Indian cuisine. “We wanted to offer the best North Indian food and overall experience but at a reasonable price,” shared Bagga, Co-Founder, Daryaganj that recently became the first casual dining chain in the country to bag funding at Shark Tank Season 2.

“When we launched our first outlet in April 2019, we were a runaway success, but 11 months later COVID-19 hit the world, and we were abruptly shut down just a few days before our first anniversary,” he remembered. The brand went through a lot of ups and downs and yet, survived three lockdowns. They pivoted to delivery which wasn’t in their initial plan; strengthened and optimised their systems and processes during the lockdowns, and came back stronger. “Today we are at 310% of our pre-Covid revenue, and all our outlets are profitable, with the highest revenue per sq ft in our segment. We currently have five restaurants and two cloud kitchens, and are coming with another 15 outlets this year,” shared Bagga proudly. He was featured on Shark Tank India on Sony TV at Primetime and Sony LIV app OTT, which was another significant milestone for them. Excerpts from the interview:

You launched the brand in 2019 and soon the pandemic hit. How did you overcome the losses, being in the premium casual dining segment?

We went through a lot of ups and downs and survived three lockdowns. We pivoted to delivery and launched the world’s first “Five Senses Delivery”, which wasn’t in our initial plan. Daryaganj innovated a unique delivery concept - 5 Senses Delivery that allows you to touch, see, hear, smell and taste the delights of Daryaganj. The innovative food delivery box uses soothing materials to touch, vivid design colours and fresh ingredients used to make a wholesome vision. A fragrant welcome note captures the scent of Daryaganj, while the 1947 nostalgic flavours add to the taste. Lastly, there is a QR Code to scan, which immediately plays the specially curated Daryaganj Playlist.

Today, Daryaganj Five Senses Delivery is a leader in the delivery segment too, apart from dine-in!

Why Daryaganj?

The reason behind us choosing the name is because Daryaganj is the birthplace of Butter Chicken and Dal Makhani. Late Mr Kundan Lal Jaggi, Raghav’s grandfather, migrated to Delhi after India’s partition as a refugee and launched an iconic restaurant in the locality of Daryaganj in Old Delhi. At this restaurant, iconic North Indian dishes such as Butter Chicken and Dal Makhani were invented by him. Thus, we stuck to our roots and named the brand 'Daryaganj - By the Inventors of Butter Chicken & Dal Makhani'.

You recently appeared in Shark Tank India Season 2 and it was for the first time in their history that they funded and supported a casual dining restaurant. How did you make it to the season?

The majority of people choose not to apply for Shark Tank because they believe they'll not get through. There were a total of five rounds, before we made it to the studio and pitched to the Sharks.

First round (May 22):

We responded to a few questions regarding our company, the brand concept, and what we were attempting to accomplish. We filled up the same without any expectation. Two weeks later, I received an email congratulating us on being shortlisted for the next round.

Second Round (June 22):

This email came with a form attached with more than a 100 questions, including the Company Financials, our Achievements, Story, etc. We almost missed the last date by a whisker as we had to get a video from Raghav, my partner from New York, which was delayed. He recorded a one-minute piece from there, and I recorded a two-minute piece. Luckily we managed to make the submission in the final 1 hour.

Third Stage (August 22):

We didn't get any reply for a month and had stopped expecting. Then we received an email informing us that we had reached the third stage and we would be required to travel to Mumbai for an In- person audition.

It was there that we realized that out of lakhs of applicants, we were in the shortlisted 2000-3000 people who had made it to this stage. We were asked a plethora of questions about the business in this round.

Fourth and Final Round (September 22)

Again for a month there was no response. Suddenly, we received another email and a phone call from the Shark Tank India team notifying us that we had made it to the final round. Finally the moment arrived when we traveled to the Yash Raj Studios, Mumbai, to pitch in front of the Sharks. Raghav came directly from New York.

All three of us, Raghav, Gurpreet and me went on the set where they instructed us to prepare a three-minute pitch on the first day, and then gave us some guidance on how to set up our brand props in the studio.

On the second day, we went and practiced our pitch and did the setup of the brand as asked. We brought along our well-trained team of chefs from Delhi, alongside our operations team, and asked for a friend's help to lend his nearby restaurant`s kitchen to use for a day. On the third day, we were faced the Sharks with no time to prepare or retakes. We brought our signature dishes, Butter Chicken and Dal Makhani, to the set 5 minutes before our turn, and served it to the Sharks. Setting up a Daryaganj pop up restaurant at the sets of Yash Raj Studios was indeed challenging but exciting at the same time.

The food was served, and each one of them loved it and raved about it. After much discussion, we agreed to a deal with Aman for «1% for 90 lakhs».

You could have raised money via a VC/PE. What made you choose this route?

Our main objective was not centered on raising money but on getting a shark on board as mentor. We believe the experience and network they bring along are unmatchable. Additionally, the brand visibility also grew exponentially overnight, Being featured on National Television has been a great milestone for Daryaganj. However, in my viewpoint, the 1% for which we are receiving Rs 90 lakhs comes with at least Rs 8-9 crore worth of publicity, which cannot be bought by any means.

How much have you received? Where are you going to incorporate those funds?

We are going to receive the fund soon as the due diligence process is on. We would be receiving Rs 90 lakhs, and the fund will be used for the bigger plans. Daryaganj is deploying Rs 12 crore this year; the funding received would be a part of the Deployment Plan.

What is the role of Aman Gupta as he is now a mentor of the brand?

Aman Gupta will be the guiding light. Although he won’t be involved on a daily basis, he’s personally taking interest and has been following up on how we have been progressing since the episode airing. We hope to have him officially soon, once the due diligence process is finished.

What's your expansion plan?

Currently, Daryaganj brand has 5 casual dining restaurants (CDR) and 2 Cloud Kitchens (CK). There are plans to open 7 more CDR outlets in the next one year and another 8 CK outlets in Delhi NCR , Punjab and North India, reaching 22 stores by September 23, and doubling the current revenue. Furthermore, we plan to enter the South and West India region, reaching 70 outlets in 3 years. The ultimate plan is to open 200 plus stores in 7 years.

Also, there are plans of international expansion in Thailand, Singapore, UAE, Canada and Australia.

Three key learnings that you would like to share with restaurant brands looking to reach Shark Tank?

Firstly, having an exceptional brand story that is interesting enough to hold people’s attention is essential.

Secondly, having an innovative approach towards the business, and creating innovative products is important.

Thirdly, businesses with Family Legacy have more chances to show up at Shark Tank India.