Its a second round of funding, the first being by Ronnie Screvalla’s Unilazer Ventures.
Mumbai-based Impresa Hospitality Management, promoted by Ketan Kadam, has received its second round of funding with a USD 1 million (INR 6.5 crore) investment from Trans Continental Venture Fund.
Kadam is renowned in the Mumbai restaurant fraternity for starting the Fire-n-Ice nightclub early last decade at the then defunct Phoenix Mills in Lower Parel. This led to the revival of the mill leading in its turn, to the revival of the entire Lower Parel mill district, which is now one of Mumbai’s hottest corporate & restaurant areas.
Of late, Impressa know for Maroosh, its QSR brand based on Lebanese cuisine. The other brands in the portfolio are DaVinci’s and Two One Two Bar and Grill.
Trans Continental Venture Fund (TCVF) is an early stage venture capital fund focusing on young and promising companies in India. The fund invests around USD 1 million per transaction, and is sector agnostic. Other investments include companies in technology and manufacturing.
Impresa will use the funds for Maroosh to take advantage of the rapidly growing opportunities in the food services industry. With this funding, TCVF will be represented on the IHMPL board by Jayendra Shah, who is partner at N A Shah Associates, and also one of the founding directors.
In a statement, he pointed out that Ketan Kadam, MD & CEO of IHMPL, was a seasoned restaurateur with a track record of having built several restaurant brands. “He has created a strong launch pad for his business through the use of technology and outsourcing of non-core operations, both of which are critical for any QSR to succeed,” he said.
Last year, media entrepreneur-turned-investor Ronnie Screwvala’s Unilazer Ventures had acquired substantial equity stake in IHMPL.
The company said there are many drivers of growth in QSR. A rising female work-force increasing the frequency of dine-outs, increased awareness of global cuisines and tastes, growth in the economy and incomes which are improving affordability, and a young population, with India hosting around 356 million people between the age of 10 to 24.
As a result, QSR in India has been growing at rapid speed. Many domestic QSR chains have also attracted funding recently. The Indian fast food sector is also expected to reach USD 1.12 billion by 2016.
