India's IVFA commits $30m to restaurant chain operator

DeGustibus, which was founded in 1996 by renowned chef Rahul Akerkar and whose brands include Indigo, Neel, and Moveable Feast, currently has 15 locations in Mumbai and Delhi, according to a release. The company will use the new funds to open additional restaurants and expand into more cities.

Along with its investment, IVFA also plans to help the company operationally by introducing additional restaurant concepts to appeal to new customer groups. Currently DeGustibus targets the premium dining, casual dining, and banquet segments.

This is the latest of several recent investments in India's food and beverage sector. Earlier this month, Goldman Sachs committed $10 million to restaurant chain Azure, which operates several pan-Asian brands and a catering service. Also this month, Hillhouse Capital and Sofina invested $29 million in Hector Beverages to fund the expansion of its product line.

IVFA is currently raising its fifth Indium fund, which has a hard cap of $700 million. The fund reached a first close earlier this year at $500 million.

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• Topics
• South Asia
• Consumer
• Expansion
• India
• India Value Fund Advisors
• Consumer
• Growth capital