Yuvraj Singh will join as brand ambassador, 10 outlets are in the pipeline & another INR 200 crore to be raised.
In quick succession after raising INR 12.5 crore, Cybiz Corp has raised another INR 4 crore, this time from the venture fund of Indian cricketer Yuvraj Singh.
Singh invested via investment firm You-WeCan Ventures in the SPV Cybiz BrightStar Restaurants, owner of the India master franchisee Carl’s Jr, making it his first foray into the QSR space.
Nishant Singhal, cofounder and chief investment officer of YouWeCan Ventures, and Sam Chopra, chairman of Cybiz Corp, declined to share the deal specifics. Other investors in the company include New Delhi-based Now Foods and Elara Capital. Cybiz BrightStar will use the funds to expand operations. “We’re looking at opening about five restaurants in the current calendar year and between 7-10 restaurants by the end of the fiscal year,” said Chopra.
He added that the company plans to raise INR 180-200 crore over the next two years.
YouWeCan Ventures, which has announced six deals so far, has focused largely on the mobile and consumer technology sectors. The firm puts in INR 1-1.5 crore while seeking a 12-15% stake in portfolio companies. “The vertical of QSR, especially burgers, caught my attention in the last few months as the space has got a thumbs-up from Indian consumers… This is my first foray into this space and I am delighted to partner with an international brand of this repute,” Singh said.
