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Chennai-based Bangs Hospitality India Pvt Ltd, which owns the fast-food restaurant chain Bangs, is looking for a strategic investor.
The chain that serves fried chicken has 45 outlets in 15 cities across the country. Besides, it has one outlet in Qatar in a tie-up with a local partner (Exblowra Trading and Contracting Co). It also has plans for opening one in Dubai. “Our target is to take the total number of outlets to at least 100 by the end of the next financial year,” said Asvin Simon, CEO and Director.
Without giving out the company’s valuation figures, Simon said the chain is willing to divest up to 30 per cent stake to the investor.
At present, it is expanding on the franchisee model. “However, the company owns 13 outlets at present. Our expansion will also be in the same model – where every third outlet will be company-owned.”
For now, Bangs is keen on expanding its footprint in the South. In Tamil Nadu, it has 12 outlets, out of which 10 are in Chennai. It has five more outlets coming up in malls and high streets in the city. It plans to add seven-eight outlets in other towns in the State. In Andhra Pradesh, it has four outlets, and the plan is to add another 10-12. Karnataka, which currently has one company-owned store, will have at least 10 by the end of 2014-15.
Recently, it has roped in cricketer Murali Vijay to endorse the brand.
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