India Resurgence Fund (“IndiaRF”), a leading India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital, has announced an investment of Rs 550 crores in Impresario Entertainment and Hospitality Private Limited.
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 the COVID-19 pandemic,” the statement said.
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 socialize and network. It offers innovative food and beverage (“F&B”) at attractive price points with an immersive experience and exciting ambiance, 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.
“In the future, Impresario plans to double its number of outlets as India’s F&B market gets more organized, with growth in the high teens expected over the coming years. To serve the country’s burgeoning middle class, as well as millennial and Gen Z consumers who are looking for refreshing and engaging experiences as they dine out more often amid the market’s evolution, the Company will enlarge its current geographical footprint from 17 to more than 30 cities as part of its expansion plan,” it added.
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 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 centers.”
Speaking on the funding, Riyaaz Amlani, Founder & Managing Director of Impresario said, “As we now begin a new chapter with IndiaRF, we look forward to a fruitful collaboration that 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.”
Further talking about the investment round, Chinta Bhagat, Managing Partner of L Catterton Asia Fund said, “Impresario is a pioneer in India’s casual dining category and we are happy to have contributed to its journey of redefining dining experiences across the country. Riyaaz and his team are committed to continuously innovating, keeping their concepts fresh and relevant, as well as delivering great customer experiences. We believe they are well positioned for further success as they continue to grow their footprint across India.”