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Azure Hospitality, owner and operator of pan-Asian restaurant brand Mamagoto, said it has raised ₹65 crore from investment banker Goldman Sachs.
The investment will be used to further expand Azure’s three restaurant brands throughout India and in select markets abroad.
In addition to Mamagoto, Azure owns and operates the quick service restaurant chains Rollmaal, an Indian street food offering, and Speedy Chow, which serves Thai and Chinese comfort food.
Both QSR brands are delivery-centric and powered by their own online and mobile ordering platforms and logistics network.
Established in 2009, Azure is a food company co-founded by food and hospitality-focused entrepreneurs Kabir Suri and Rahul Khanna.
Together they have grown revenue by over 50 per cent year-on-year in the last five years and have a current nationwide workforce of 700 professionals.
The company also operates a catering brand Mamapaati, which recently opened in Mumbai.
Launched in January 2010, Mamagoto, born out of a concept to make Asian eating fun, is India’s first pan-Asian cafeì format restaurant chain. In 2013, Azure entered the QSR space and the app-enabled home delivery of meals.
The Indian food-service industry is projected to grow to $78 billion by 2018 from its current $48 billion, which is a compounded annual growth rate of 11 per cent, according to consultancy firm Technopak Advisors.
Azure co-founder and Director Kabir Suri said: “This investment for our company will allow us to aggressively execute on our planned, strategic expansion. Access to Goldman Sachs’ extensive global network, insights and best practices will help strengthen our leading position in the Indian food & beverage (F&B) sector.”
“India's young, billion-plus population is undergoing a revolution in terms of experimentation with diverse cuisines, driven by online and mobile food ordering services.
“Partnering with Goldman Sachs allows entrepreneurs like us to make our most ambitious dreams match India’s massive consumer scale,” added Co-founder and Director Rahul Khanna.
Ankur Sahu, Co-Head of private equity in Asia at Goldman Sachs, said: “We are strong believers in the theme of domestic consumption growth in India. Goldman Sachs continues to back local entrepreneurs to build large businesses based on this investment theme.
“Through this most recent partnership with Azure, we intend to leverage our global expertise in the sector to help create a large, differentiated leader in India’s rapidly growing F&B industry.”
Goldman Sachs is an active investor in India. Since 2006, the firm has deployed more than $2 billion in the country.
Globally, Goldman Sachs has invested over $8.1 billion in the consumer sector spread across more than 15 companies, including Global Consumer Products in India.
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