Everstone buys stake in Delhi restaurant chain

"We have been active in the sector tracking the broad consumption theme," Dhandpal Jhaveri, Everstone's CEO, told The Economic Times. "With Pind Balluchi, we have seen an opportunity to scale up a quick service restaurant model in north Indian cuisine. It has a casual dining business more catered towards the mid-market consumer."

Everstone has previously invested in food and beverage interests including restaurant operator Blue Foods and wine maker Sula Vineyards.

Several private equity firms are seeking to leverage the rise of the Indian consumer through investments in restaurant chains. In August, India Equity Partners purchased a majority stake in specialty restaurant chain Sagar Ratna Hotels for INR1.8 billion ($40.2 million), having earlier taken a majority stake in Innovative Foods.

In July, New Silk Route Advisors closed its first Indian restaurant investment - in an unnamed restaurant holding company - for $100 million. In May, ICICI Venture acquired a 10% stake in food and beverage chain operator Devyani International for approximately $55.6 million, and in March, SAIF Partners-backed food services firm Speciality Restaurants submitted filings for a public offering, targeting as much as $37.6 million.

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• Topics
• South Asia
• Consumer
• Expansion
• India
• Consumer
• Growth capital
• Everstone Capital