Devyani International, which runs 284 KFC India stores and 317 Pizza Hut outlets in India is all set to release its public offering and amidst this plans, another major franchisee of Yum! Brands in India –Sapphire Foods has announced that it has raised fresh funds. Sapphire Foods, which operates 437 restaurants of KFC, Pizza Hut and Taco Bell in India, Sri Lanka, and the Maldives, on August 9 raised Rs 1,150 crore through a mix of primary and secondary rounds, led by private equity (PE) firms such as Creador, NewQuest Capital Partners and TR Capital.
“Sapphire Foods Mauritius Limited (Sapphire Mauritius), an entity promoted by Samara Capital Management Limited (Samara Capital), has concluded a strategic round of investment into its flagship restaurant and food services company, Sapphire Foods India Limited (Sapphire Foods) by a consortium of private equity funds led by Creador, NewQuest Capital Partners and TR Capital,” the company informed through an official statement.
Sapphire Foods is an omnichannel restaurant operator and a major franchisee of YUM! Brands in India. Led by Sanjay Purohit, Group CEO, the company also claims to be the largest franchisee of YUM! Brands in the Indian sub-continent in terms of revenue in the financial year 2020.
“The QSR chain segment, largely represented by global brands, is the fastest growing segment within the organized food services market in India. Sapphire Foods, by leveraging customer loyalty to the KFC, Pizza Hut and Taco Bell brands is well-positioned to capture further opportunities in the territories in which it operates and expand into other product lines or markets. Sapphire Foods is a great fit for Creador and we look forward to assisting the management team in their next phase of growth” further informed Kabir Thakur, Managing Director and Co-Head India, Creador.