Indian Angel Network backs Mexican restaurant
Indian Angel Network (IAN), Asia’s largest business angel investor network, has invested in Poncho, a Mumbai-based Mexican quick service restaurant.
IAN investor Kaushal Aggarwal led the round, with major Indian IT entrepreneur Saurabh Srivastava also participating.
Poncho was founded in August 2011 by Amit Raj and Anshul Gupta in response to the sharp annual growth rate of quick service restaurants in India. An influx into the country of international brands that implement the QSR format has prompted a wave of domestic companies to follow suit.
IAN's investment will enable Poncho to open new outlets in areas with a high concentration of offices, strengthen the back-end operations and ramp up the core team. They aim to increase their number of outlets from six to 15 by the end of this year.
"We are impressed with the uniqueness of Poncho's concept and offerings, which make it different from other players in this category," commented Kaushal Aggarwal, an IAN member and co‐founder and managing director at Avendus Capital. "Amit and Anshul are an exceptional team and the passion they bring along is exactly what convinced me about Poncho. "
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