Cheelizza Pizza Unlisted Share Prices

A) Company Overview

Cheelizza Pizza India Limited operates under the multi-brand food platform “EatVeg”, which houses three pure-veg concepts:

• Cheelizza (Pure Veg Pizza Chain)
• BiryaniCan (Pure Veg Biryani)
• Indian Combos (Home-Style Indian Meals)

The company’s biggest strength is its 100% vegetarian supply chain, designed to eliminate cross-contamination—a key concern for vegetarian consumers in India’s QSR segment.

Key Highlights

• Store Network (FY24): 18 operational stores
• MRR: ₹1.77 crore per month
• Orders Per Month: 46,000+
• Digital Strength: 85,000+ customer reviews across platforms
• Central Kitchen: Gala No.1, Kothari Compound, Kherani Road, Sakinaka, Andheri East, Mumbai

Cheelizza’s central kitchen and robust supply-chain model ensure standardized taste, faster delivery, and high-quality product output across all outlets.

B) Industry Overview – A High-Growth Market with Pure-Veg Potential

India’s food service industry is among the world’s fastest-growing consumer markets.

Market Size & Structure

• Total Food Service Market: ₹3,274.6 billion
• Projected to reach ₹4.24 trillion
• Organized Segment: ₹1.48 trillion
• Unorganized Segment: 66.1%

QSR Segment

Pizza chains and biryani brands dominate the organized QSR category. With rising disposable incomes, convenience culture, and food delivery penetration, this segment is expected to expand rapidly.

Pure-Veg Opportunity

• Over 60% population in North & West India is vegetarian
• Despite the massive market, pure-veg QSR brands remain underserved
• Biryani market worth ₹30,000–38,000 crore, growing 11–12% CAGR, with almost no pure-veg equivalent players

Cheelizza’s pure-veg positioning gives it a first-mover advantage in a high-potential niche.

C) Consumer Trends & Market Opportunity

New-age urban consumers are demanding:

• Clean, safe, vegetarian-only kitchens
• Authentic multi-cuisine flavors
• Affordable pricing
• Quick delivery through digital channels

Cheelizza is strategically aligned with all these trends.

Its “pure-veg multi-brand model” caters to:

• Family diners
• Vegetarian households
• Students & office-goers
• Delivery-first consumers

The underexplored demand for pure-veg biryani and veg Indian meals provides Cheelizza with a clear expansion runway.

D) Business Model & Revenue Streams

Cheelizza operates like a full-stack food-tech brand, owning the entire consumer journey.

1. Multi-Brand Portfolio

• Cheelizza (Pizza)
• BiryaniCan (Veg Biryani)
• Indian Combos (Meal Boxes)

2. Technology

• Mobile App & Website
• Loyalty Programs
• Direct Ordering
• Digital-first marketing strategy

3. Delivery Infrastructure

• Combination of in-house fleet + third-party aggregators
• Faster turnaround times, better customer control
• Higher margins on direct orders

Revenue Mix (FY24)

• Aggregator Delivery: 82%
• In-Store Sales: 17%
• Direct Orders (EatVeg): 1%

E) Operational & Financial Performance (FY24)

Operational Metrics

• Stores: 18
• Monthly Revenue: ₹1.77 crore
• Orders Per Month: 46,000+
• AOV: ₹360
• Repeat Order Rate: 50%+
• Same-Store Sales Growth: 15.1%
• CAGR: 42% over previous years

Cheelizza’s customer repeat rate and strong digital presence indicate high product acceptance and brand stickiness.

F) Capital Structure & Effective Share Price

1. Capital Structure (as of 31 Dec 2024)

• Equity Shares: 11,765 (FV ₹10)
• CCPS: 1,378 (FV ₹10)
• ESOP Pool: 676

2. New Allotments (Jan–Feb 2025)

• CCPS valuation report (Jan 2025): ~₹50,000 per share
• 32 CCPS allotted at ₹37,766 per share
• 1,006 CCDs converted into CCPS at ₹50,000 valuation

3. Bonus Issue (16 June 2025)

• Bonus Ratio: 762:1
• Total Bonus Shares: 10,78,15,380
• All instruments converted to equity shares (FV ₹1)

4. Post-Bonus Structure (Fully Diluted)

• Total Equity Shares: ~10.78 crore
• ESOP-adjusted pool: 5,16,788
• Fully Diluted Shares: ~10.78 crore

5. Effective Investor Price

Investor Benchmark: Market participants generally adopt ₹49–50 per share as the fair post-bonus reference price.

G) Investment Outlook

Cheelizza is:

• A pure-veg first-mover
• Operating in a high-growth QSR category
• Supported by strong digital adoption, high repeat business, and robust unit economics
• Scaling via multi-brand strategy and central kitchen efficiency

With rising vegetarian demand and a growing presence across Mumbai, Cheelizza is well-positioned for expansion into Tier-1 and Tier-2 cities.