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Massive Restaurants to hit the fund trail, aims to raise $15-20 mn


Everstone Capital-backed Massive Restaurants is planning to raise $15-20 million to take some of its brands global. Zorawar Kalra, managing director of Massive Restaurants, said the company is looking at a turnover of Rs 200 crore by the end of this year. “We are looking at tripling our restaurant inventory within the next fiscal, which will encompass domestic as well as international expansion with a focus on the Middle East and European markets.

Kalra said the company will launch Masala Library in the Middle East in a 7-star property in the next 12 months and will also branch out to London and New York. Its other brands include Pa Pa Ya and Masala Bar.

The company’s other popular outlet, Farzi Café, which has presence in Dubai, will be launched in other countries in Asia, Europe and the US, Kalra said, adding that Massive Restaurants is looking to launch two restaurants every month next year.

Earlier this year, Everstone Capital’s unit F&B Asia Ventures had picked up a 50% stake in Massive Restaurants.

“All our restaurants are very profitable and our average store EBITDA margins are in excess of 25%,” Kalra said. He added that the company will open 34 new outlets next year of which 10 will be franchise-operated.

“We are looking at taking Farzi Cafe all over the world. Our Dubai outlet would be the number one in Dubai, considering the revenue per square foot. The 80-seater restaurant is generating sales of `2 crore per month. It is the most talked about brand in India,” he said.

Source: Economic Times

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