TexMex Cuisine India, which has the master franchisee for American casual dining restaurant chain Chili’s Grill and Bar for the west and south, is planning to invest about Rs 150 crore to expand to 50 outlets in 3-5 years.
“Currently, we have 13 operational outlets and another one will open in next one month. We have 10-12 more outlets in pipeline, and are hoping to open around 50 restaurants in 3-5 years,” Executive Director and CEO, TexMex Cuisine India, Ashish Saxena told PTI.
According to a PTI report: He said the company will invest Rs 120-150 crore for this expansion.
“We are planning to fund this expansion through a mix of debt and equity,” he was further quoted by PTI as saying.
The company has invested Rs 60 crore till date for setting up 14 outlets through a mix of debt and equity, he added.
Saxena said the Chili’s American Grill and Bar is mainly targeting the young dynamic crowd, who are already exposed to the American and Mexican cuisine or are game to try new food category.
“We are looking at expansion in the existing cities as well as are exploring new geographies, including Goa, Vijaywada, Ahmedabad, Cochin among others,” he was quoted by PTI as saying.
In 2009, TVS Shriram Growth Fund (TSGF) Private Equity fund invested in the company.
TSGF funded the bulk of the expansion and gradually acquired a majority stake in the business.
Chili’s American Grill and Bar is an American casual dining restaurant chain present in over 1,600 restaurants in 33 countries, including in Canada, Mexico, Puerto Rico, Venezuela, Egypt, Kuwait, Russia, UAE, Germany, India, Japan, Singapore and South Korea amongst several others.
There are 23 Chili’s Grill and Bar outlets across the country.