Azure Hospitality, owner and operator Pan Asian restaurant brand Mamagoto, has raised another US$ 10million Goldman Sachs and Max Ventures. Last financial year, the company raised US$ 10million from Goldman Sachs alone. Since then, Azure has diversified within the food sector and acquired restaurant chain ‘Dhaba by Claridges’ and is also organically incubating boutique concepts for upcoming outlets set to open towards the end of 2016. The investment will not only be used to expand Azure’s presence in India, but also to enter select markets abroad. By the end of 2016, Azure aims to launch over ten new outlets across the country while foraying into newer local markets as well.
The food industry in India is estimated at US$ 100 billion. Under this, the organised sector foresees a growth at 16 per cent CAGR to US$ 28 billion in the next five years. Established in 2009, Azure is a creative food company co-founded by entrepreneurs Kabir Suri and Rahul Khanna. Azure has seen a revenue growth of over 50 per cent year-on-year in the last six years.
Kabir Suri said, “The Indian food industry is undergoing a revolution in terms of experimentation with diverse cuisines. Azure is focused on being at the forefront of that change and acquiring ‘Dhaba by Claridges’ under Azure Hospitality is a step towards strengthening our position in the Indian F&B sector. The investment from Goldman Sachs and Max Ventures for our company has further allowed us to aggressively execute our strategically planned expansion and has helped entrepreneurs like ourselves to make our most ambitious dreams match India’s massive consumer scale and tremendous market opportunity.”
