ICICI Venture takes 10% stake in Indian restaurant chain operator
ICICI Venture, a private equity firm and a subsidiary of ICICI Bank, has acquired a 10% stake in Indian food and beverage chain operator Devyani International Limited for approximately $55.6 million.
New Delhi-based Devyani International is a subsidiary of Mumbai-based RJ Corporation, which operates fast food chains Pizza Hut, KFC and British café Costa Coffee, as well as the Disney Group’s company Disney Artist. The funding from ICICI will help broaden Devyani’s outlets and boost their expansion into overseas markets.
The region’s restaurant-related opportunities have attracted private equity investments of late, with Coffee Day Holdings raising $200 million from a PE consortium comprising NSR, KKR and Standard chartered Private Equity, and Bain-backed Dunkin’ Donuts announcing that it would enter the Indian market via a partnership with Jubilant Foodworks.
ICICI Venture is one of the largest and most successful private equity firms in India, with more than $2 billion worth of funds under management.
More on Exits
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.