The India Resurgence Fund, an India-focused investment platform backed by Piramal Enterprises Limited and Bain Capital, announced a Rs 550 crore investment in Impresario Entertainment and Hospitality Private Limited on Monday.
Following the transaction, IndiaRF has become the majority shareholder of Impresario.
“We plan to work with the management team and increase efforts by leveraging our deep operational engagement across multiple sectors. We believe the next decade will present significant opportunities for Impresario as cities outside of metro India climb the emerging curve and become major economic hubs,” said Shantanu Nalavadi, Managing Director of IndiaRF.
The fresh capital will help fuel further expansion of Impresario’s business, which also received an investment from L Catterton in 2017. Impresario currently owns and manages brands such as SOCIAL, Mocha and Smoke House Deli, which span 60 locations in 17 cities across the country.
Impresario’s largest brand, SOCIAL has 35 stores and is a place for guests to socialize and socialize. It offers food and beverages and also serves as a co-working space during the day, facilitating community interaction and engagement. The Company’s other brands, Smoke House Deli, Mocha, Slink & Bardot and Salt Water Café, offer contemporary formal and casual settings for friends and family to gather over delectable culinary offerings.
Going forward, Impresario plans to double the number of its stores as the Indian F&B market becomes more organized and is expected to grow into the high teens in the coming years. To cater to the country’s burgeoning middle class, as well as Millennial and Generation Z consumers who are looking for refreshing and engaging experiences as they dine out more amid market developments, the company announced it will expand its current geographic footprint from 17 to expand to more than 30 cities as part of its expansion plan.
Riyaaz Amlani, Founder and Managing Director of Impresario said: “Although the road through the pandemic has been particularly tough for the restaurant sector, we have not only been able to maintain our business, but also strengthen it. As we now begin a new chapter with IndiaRF, we look forward to a fruitful collaboration that we believe will propel Impresario into an exciting next phase of growth.”
Lodha Capital Markets was L Catterton’s exclusive financial advisor and impresario on the transaction.