Food outlet co Lite Bite to raise ` 500cr through PEs
New Delhi: Lite Bite Foods, which has over 100 outlets across the country and concession rights for six airports, plans to raise Rs 500 crore from private equity (PE) players. The company will divest a small stake. The funds will be used for Lite Bite’s Indian and international expansion.
The group, co-promoted by Dabur’s Amit Burman, and Rohit Aggarwal, has mandated investment advisory firm KPMG to look for investors. Aggarwal said the company plans to open at least 45 outlets every year for the next five years.
The expansion will include opening Punjab Grill in India and overseas along with their other casual dining brands You Mee and Barbeque by Punjab Grill.
They also plan to expand their presence in the quick service restaurant (QSR) segment by opening Zambar Tiffins, Asia 7 Express and Street Food by Punjab Grill at malls and neighbourhood markets in tier-1 and -2 cities.
The company is expecting a revenue of Rs 310 crore for the financial year 2019-20 from its 110 outlets through retail business only. The airports business contributes almost the same amount to company’s revenue, making it one of the biggest self-funded food and beverage enterprise.
“Domestic and international retail food business offers a lot of scope in newer markets and we plan to expand our presence in the next five years. We plan to open 40-45 outlets per year for next five years,” Aggarwal said.