Cheelizza QSR is India’s first scaled 100% vegetarian quick-service restaurant (QSR) chain, serving over 60,000 pizzas monthly. Founded in 2013 by Animesh Lodha, it operates 26 outlets across Mumbai, Pune, Rajkot, and Vadodara.
Founded in 2013, headquartered in Mumbai, Maharashtra; stores also in Pune, Rajkot, Vadodara (26 outlets).
Operates India’s first scaled 100% vegetarian QSR chain under the brand Cheelizza – India Ka Pizza.
Sub-brands include:
Business model: Hybrid of company-owned and franchised outlets.
Biryani Can (vegetarian biryanis, 15,000+ served monthly in Mumbai)
Indian meals and desserts
Proprietary digital ordering platform and in-house delivery system supporting high repeat customer rate (~50%+).
Financial performance:
Capital structure:
FY24 Revenue: ₹18.12 crore (up from ₹13.36 crore in FY23)
Net Profit Margin: -28% (loss-making)
Negative operating cash flow: ₹-3.06 crore (FY24)
Expansion plans: Targeted franchise growth and unlisted share trading.
Authorized Capital: ₹11 crore
Paid-up Capital: ₹10.8 crore
Promoter holding: 88.65%
Current unlisted share price: ₹75–₹78 per share (~₹760 crore informal valuation).
Challenges:
IPO readiness: Not yet IPO-ready due to profitability and cash flow gaps.
Loss-making operations; poor liquidity
High dependence on external financing
Limited scale compared to major competitors (Domino’s, Pizza Hut)
Operational scalability risks for rapid expansion
