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Monday, February 26, 2024

IndiaRF invest Rs 550 Cr company

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Mumbai: India Resurgence Fund (IndiaRF), a leading India-focused investment platform promoted by Piramal Enterprises Ltd and Bain Capital, Monday announced an investment of Rs 550 crores in Impresario Entertainment and Hospitality Pvt Ltd.

Following the transaction, IndiaRF has become the majority shareholder of Impresario.

The fresh capital will help fuel the further expansion of Impresario’s business, which also received an investment from L Catterton in 2017 and has since demonstrated resilient growth over the years despite facing challenges posed by Covid-19 pandemic.

Significantly, the company continues to be underpinned by robust fundamentals and currently owns and manages iconic brands such as SOCIAL, Mocha and Smoke House Deli which enjoy high recall across urban India and span over 60 locations across 17 cities in the country.

Impresario’s largest brand, SOCIAL, has 35 outlets and is an extremely popular spot for guests to socialise and network.

It offers innovative food and beverage at attractive price points with an immersive experience and exciting ambience, which doubles up as a co-working space in the day, facilitating exceptional levels of interaction and community engagement.

The company’s other popular brands Smoke House Deli, Mocha, Slink & Bardot and Salt Water Café provide contemporary formal and casual settings for friends and family to get together over delectable culinary offerings.

Commenting on the investment, Shantanu Nalavadi, Managing Director of IndiaRF, said: “IndiaRF is delighted to partner with Impresario, which has built a profitable business on the back of strong brands, a professional team and a culture that allows the company to stay nimble and creative.

“We plan to work alongside and augment the efforts of the management team, by leveraging on our deep operational engagement across multiple sectors.

“We believe that the next decade will see significant opportunities for Impresario as non-metro cities come up India’s aspirational curve and become major economic centres.”

Riyaaz Amlani, Founder and Managing Director of Impresario, added: “While the journey through the pandemic was especially tough for the restaurant sector, we were able to not only sustain, but also strengthen our business.

“As we now begin a new chapter with IndiaRF, we look forward to a fruitful collaboration which we believe will propel Impresario to an exciting next stage of growth. We look forward to building on the momentum we have generated over the years as we partnered with L Catterton, which shared its consumer insights and industry expertise with us to help us grow.”

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