Goldman Sachs commits $10m to India's Azure

Azure, which owns several restaurant brands including pan-Asian chain Mamagoto, Indian street food maker Rollmaal and Thai food chain Speedy Chow, will use the funds to expand its operations in India and into overseas markets, according to Livemint. It also runs a catering service under the "Mamapaati" brand.

Currently the company operates nine restaurants under the Mamagoto brand and five each under the other two, with 700 employees in three cities. It plans to expand further into India's tier 1 and 2 cities, and to open its first location in the UAE by next year.

Azure's other investors include India's Avantha Group and London-based PE firm Blue Sky Capital, which is reported to hold about a 50% stake. The company is riding a surge of interest in India's restaurant business, fuelled by the country's growing middle class and office worker population.

GPs have paid special attention to start-ups pushing technological innovations. Recent investments include a Lightbox Ventures-led Series B round of $20 million for quick-service restaurant chain Faaso's Food Service and a $50 million commitment to online restaurant guide Zomato, by Info Edge.

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• Topics
• South Asia
• Consumer
• Expansion
• GPs
• India
• Goldman Sachs
• Consumer
• Growth capital
• GPs