Carlyle, Sequoia in talks to invest up to $50m in JSM - report

Asia-focused private-equity firm New Silk Route and Premji Invest, the venture capital arm of Indian software services exporter Wipro, are also in talks to buy a "significant minority holding" in the company, two sources with knowledge of the matter told Reuters.

Other potential suitors could include the likes of Everstone Capital and India Equity Partners, according to earlier reports.

Founded by Singh and Sanjay Mahtani in 2004, JSM has a turnover of almost INR1.5 billion ($29 million). The Mumbai-based company, which runs 12 outlets across different brands, is seeking capital to set up 60-80 outlets of California Pizza Kitchen in the coming four years, as well as expanding the other brands.

In order to tap the rise of the Indian spending power, several private equity firms have made investments in restaurant chains. In April 2010, New Silk Route joined KKR and Standard Chartered Private Equity to invest in Coffee Day Group, adding $75 million to bring the company's total private equity fundraising to $200 million.

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, New York-based private equity fund India Equity Partners has purchased a majority stake in specialty restaurant chain Sagar Ratna Hotels for INR1.8 billion.

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• Topics
• South Asia
• Consumer
• Investments
• India Equity Partners