Azure Se­cures $12 m Fund­ing

The Economic Times - - Companies: Pursuit Of Profit - Richa.Ma­hesh­wari @times­

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.

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