Azure Hospitality, owner and operator of pan-Asian restaurant brand Mamagoto, has recently raised Rs. 65 crore from investment banker Goldman Sachs. The investment will be used to further expand Azure’s three restaurant brands throughout India and in select markets abroad, the company said in a statement.
Commenting on the development, Azure Hospitality Co-founder and Director Kabir Suri said: “This landmark investment for our company will allow us to aggressively execute on our planned, strategic expansion.”
In addition to Mamagoto, Azure owns and operates the quick service restaurant chains Rollmaal, an Indian street food offering, and Speedy Chow, which serves Thai and Chinese comfort food and classic favourites like Tibetan momos and Khao Suey. Both QSR brands are delivery centric and powered by their own online and mobile ordering platforms and logistics network.
The Indian food-service industry is projected to grow to $78 billion by 2018 from its current $48 billion, which is a compounded annual growth rate of 11 percent, according to consultancy firm Technopak Advisors.
Established in 2009, Azure is a food company co-founded by food and hospitality-focused entrepreneurs Kabir Suri and Rahul Khanna. Together they have grown revenue by over 50 per cent year on year in the last five years and have a current nationwide workforce of 700 professionals to scale Azure’s brands throughout India.