Expansion plans include 15 outlets of all three brands going into Tier 1 & 2 towns and even abroad to the UAE.
Azure Hospitality, the foreign direct investment-backed company which runs the upmarket pan-Asian restaurant chain Mamagoto and mid-market chains Speedy Chow and Rollmaal, has received USD 10 million from Goldman Sachs for its expansion plans.
Confirming the deal, co-founder Rahul Khanna said the money will be used to expand its three brands. “There will be two board members from Goldman Sachs who will be added to our existing five-member board. We have witnessed a year-on-year growth of 45-50% in our revenues and if we include our catering business, the number increases to 60%,” he said.
It expects to add four-five Mamagoto restaurants and seven to 10 Speedy Chow and Rollmaal units to its portfolio and is also looking to expand into the UAE in the next one year. It is currently present in Delhi-NCR, Mumbai and Bengaluru, and it plans to expand to tier 1 & 2 towns in the coming years.
Image: The Black Sakura
Khanna and co-founder Kabir Suri did not disclose the stake Goldman Sachs has acquired in the company, but industry executives familiar with the matter said that the deal did not amount to a majority share. At present, Azure Hospitality has 19 locations, of which eight are Mamagotos, six are its quick service restaurants Rollmaal and Speedy Chow, and the remainder fall in the company’s catering business.
Azure’s current investors are the Gautam Thapar-backed Avantha Group and PE firm Blue Sky Capital.
