Cheelizza popularly known as "India Ka Pizza" has grown from a Mumbai-based vegetarian pizza chain into one of India"s faster-scaling QSR brands. For pre-IPO and unlisted share investors, Cheelizza offers a relevant case study of India's value QSR boom, rising consumer affordability, and the emerging demand for homegrown alternatives to global pizza chains.
This blog breaks down cheelizza’s recent updates, cheelizza rights issue 2025 details, cheelizza valuation checkpoints, cheelizza growth drivers, and how investors can evaluate cheelizza pre-IPO shares.
Cheelizza Business Model:
100% vegetarian pizza QSR brand known as "India-Ka-Pizza".
Cheelizza Origin:
Mumbai-based QSR chain with rapid expansion across Western India.
Cheelizza Funding History:
Raised a ₹4.1 crore seed round in 2022, led by Indian Angel Network (IAN).
Cheelizza Latest Corporate Update (Dec 2025):
Announced a Rights Issue at ₹12 per share
Approx. 1:13 ratio
Target fundraise of ~₹9.96 crore for expansion + working capital.
Cheelizza’s Target Audience:
Value-driven customers looking for affordable, vegetarian, and Indian-flavoured fusion pizzas.
Cheelizza Category Thesis:
Affordable Indianized pizza + scalable QSR format + high repeat consumption =strong unit economics & private-market growth potential.
100% Vegetarian Positioning
A niche yet growing segment especially strong in Gujarat, Maharashtra, Rajasthan, and Tier-2 cities.
"India Ka Pizza" Taste Innovation
Indianized toppings, flavour-first menu, and variations designed for the mass market, not premium niche buyers.
Affordable QSR Model
Positioned between local pizza outlets and global chains like Domino’s / Pizza Hut, allowing better price elasticity.
Dine-in + Delivery Hybrid
Cheelizza operates with a dual-channel revenue model, improving store-level economics and repeat order potential.
Cheelizza raised a seed round of approx. ₹4.11 crore in 2022 from the Indian Angel Network.
The capital was directed toward:
Exnding store count
Supply-chain improvement
Enhancing kitchen operations and consistency
Marketing and brand identity building
Since then, the brand has steadily expanded its presence in Mumbai and surrounding markets.
Cheelizza announced a Rights Issue in December 2025 with the following terms:
Price: ₹12 per share
Ratio: Roughly 1:13 (1 share offered for every 13 shares held)
Target Raise: Approximately ₹9.96 crore
Purpose: Expansion, store openings, working capital strengthening
Valuation anchor: Rights price acts as a short-term price benchmark in the unlisted market.
Corporate health indicator: Shows fundraising intent, growth mode, and capital requirement transparency.
Shareholder benefit: Existing holders get preferential access to equity at a fixed price.
High Repeat Customer Base
QSR brands grow only if repeat orders are strong Cheelizza has shown promising levels (≈50% reported in earlier disclosures).
Unit Economics Strengthening
Store-level EBITDA for successful outlets reportedly crosses mid-teens, a healthy indicator for scalable QSR models.
Expansion Mode
Rights issue, seed funding utilisation, and new store openings indicate growth-focused strategy.
Brand Recall in Key Markets
In the vegetarian QSR category, Cheelizza is building a strong recall similar to what Jumboking did for Vada Pav.
When evaluating a pre-IPO QSR company like Cheelizza, investors should examine:
Latest Fundraise Price
Rights price (₹12) is a critical valuation anchor.
Store Metrics
Key QSR indicators include:
Same-store sales growth (SSSG)
Average order value (AOV)
Contribution margin
Store payback period (ideal: < 24–30 months)
Profitability Path
Is corporate-level profitability in sight?
Store-level positive EBITDA is a good sign but scaled profitability matters more.
Competitive Benchmarking
Compare with listed peers and QSR players:
Devyani International
Jubilant FoodWorks
Westlife Foodworld
Public QSR stocks trade at high EV/EBITDA multiples giving potential upside for private entrants if executed well.
Supremus Angel provides a structured way to assess pre-IPO opportunities:
Step 1: Review Financial & Corporate Documents
Step 2: Use the Rights Issue as a Valuation Guide
Step 3: Check Actual Trade Trends
Step 4: Evaluate Exit Pathways
Step 5: Diversify Smartly
Cheelizza’s expansion story, vegetarian QSR positioning, seed backing, and recent rights issue make it a high-interest watchlist opportunity for pre-IPO investors.
However, QSR investments demand research, discipline, and platform-based execution to minimise risk.
Supremus Angel gives investors the transparency to evaluate Cheelizza or any pre-IPO company with data-driven confidence.
