PE-backed Coffee Day plans $78m India expansion
Coffee Day Group, a diversified Indian business backed by Standard Chartered Private Equity (SCPE), KKR and New Silk Route, plans to spend INR4 billion ($77.9 million) on expanding its operations this year. The firm has indicated it might then look at a fresh equity infusion.
V.G. Siddhartha, chairman and founder of Coffee Day, confirmed to Business Standard that real estate and logistics would be at the heart of the expansion. The company is best known for Café Coffee Day, a nationwide chain of coffee shops, but is also developing a software special economic zone and has acquired Sical Logistics.
Coffee Day also has a retail brokerage business, Way2Wealth, and there are plans to widen its scope to incorporate commodities trading through strategic acquisitions. Last year, KKR's non-banking financial company, which provides structured financing to Indian firms, invested $30 million in Way2Wealth.
In 2010, Coffee Day received $200 million in funding from KKR, SCPE and New Silk Route. The three investors now own 25% of the company.
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