Food out­let co Lite Bite to raise ` 500cr through PEs

The Times of India (New Delhi edition) - - Times Global - [email protected] times­group.com

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.

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