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Massive Restaurants raises INR 160 crore

Thursday, December 14, 2017, 12:00 Hrs  [IST]

As per a report in The Economic Times, midmarket private equity firm Gaja Capital has invested INR 160 crore in premium dining platform Massive Restaurants owned by celebrity food chef Jiggs Kalra and his son Zorawar Kalra. This is the seventh investment for the Mumbai-based investor through its third fund of USD 240 million. The round will see Gaja Capital pick a significant minority stake in the company with the promoters retaining their majority stake, according to people aware of the development.

Gopal Jain, Managing Partner, Gaja Capital confirmed the investment but declined to share further details on the transaction citing confidentiality. “We have picked the premium dining route as our bet in the F&B space. We see premium dining as an opportunity of scale and we have chosen to be on the front end with Massive Restaurants. On the other hand in the QSR (quick service restaurant) space we have chosen the supply-chain B2B route with Baker’s Circle,” said Jain.

With this round, the total capital raised by Massive Restaurants stands at INR 220 crore. Massive Restaurants will use a majority of the capital to fuel its international expansion and is already on track to launch eight restaurants across 14 countries in the next couple of quarters.

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