JSM Corp seeks $30m in PE funding

Founded by Singh and Sanjay Mahtani in 2004, the Mumbai-based company has a turnover of almost INR1.5 billion. It plans to raise funds through a capital increase.

JSM owns 12 outlets across brands that include premium luxury lounge Shiro. It intends to open 80-100 outlets of California Pizza Kitchen in the next five-six years, and expand other brands including Pitstop.

Potential suitors for JSM could include the likes of Everstone Capital or India Equity Partners. Last December, Everstone agreed to buy a 45% stake in Pind Balluchi, a New Delhi-based restaurant chain, for about $20 million, while in August, India Equity purchased a majority stake in specialty restaurant chain Sagar Ratna Hotels for INR1.8 billion, having earlier taken a majority stake in Innovative Foods.

Several other private equity firms are seeking to leverage the rise of the Indian consumer through investments in restaurant chains.

Last 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
• Consumer
• South Asia
• Expansion
• Growth capital
• NSR New Silk Route Partners
• Everstone Capital
• India Equity Partners
• ICICI Venture Funds Management Company
• SAIF Partners
• India
• Consumer