India Resurgence Fund (IndiaRF), a India-focused investment platform promoted by Piramal Enterprises Ltd and Bain Capital, announced an investment of ₹550 crore in Impresario Entertainment and Hospitality Private Limited. Following the transaction, IndiaRF has become the majority shareholder of Impresario. The company currently owns and manages brands such as SOCIAL, Mocha, and Smoke House Deli which span over 60 locations across 17 cities in the country. 

Economic centres

Commenting on the investment, Shantanu Nalavadi, Managing Director of IndiaRF, said, “IndiaRF is delighted to partner with Impresario, which has built a profitable business on the back of strong brands, a professional team and a culture that allows the Company to stay nimble and creative. We plan to work alongside and augment the efforts of the management team, by leveraging on our deep operational engagement across multiple sectors. We believe that the next decade will see significant opportunities for Impresario as non-metro cities come up India’s aspirational curve and become major economic centres.” 

The fresh capital will help fuel further expansion of Impresario’s business, which also received an investment from L Catterton in 2017 and has since demonstrated resilient growth over the years despite facing challenges posed by the Covid-19 pandemic. Significantly,

Riyaaz Amlani, Founder and Managing Director of Impresario, added, “While the journey through the pandemic was especially tough for the restaurant sector, we were able to not only sustain, but also strengthen our business. As we now begin a new chapter with IndiaRF, we look forward to a fruitful collaboration which we believe will propel Impresario to an exciting next stage of growth. We look forward to building on the momentum we have generated over the years as we partnered with L Catterton, which shared its consumer insights and industry expertise with us to help us grow.”

Double outlets

In the future, Impresario plans to double its number of outlets as India’s F&B market gets more organised, with growth in the high teens expected over the coming years. To serve the country’s burgeoning middle class, as well as millennial and Gen Z consumers who are looking for refreshing and engaging experiences as they dine out more often amid the market’s evolution, the company will enlarge its current geographical footprint from 17 to more than 30 cities as part of its expansion plan.