Azure Secures $12 m Funding
Bengaluru: Azure Hospitality, the operator of restaurant chains Mamagoto, Dhaba by Claridges and Sly Story, has secured $12 million (.`76 crore) from existing investors Goldman Sachs and Max Ventures to fuel growth plans in India and enter global markets, said a person familiar with the development.
“Both the investors have funded equally for this round and Goldman Sachs now holds about 40% stake in the company,” the person said, requesting anonymity. The New Delhi-based food and beverage company, founded in 2009 by entrepreneurs Kabir Suri and Rahul Khanna, had raised $10 million from Goldman Sachs in July 2015 and $5 million from Max Ventures in exchange for a minority stake in May 2016. The company confirmed the latest funding without divulging any specific information. “The majority of the capital is for domestic expansion. Our aim is to open over 14 restaurants in India and enter UK by next year,” said Suri. The company has over 40 restaurants in India and employs about 2,500 people.
The country’s food services industry will be worth .₹ 4.98 trillion by 2021 from .₹ 3.09 trillion in 2016.