Primal Enterprises and Bain Capital backed India Resurgence Fund (IndiaRF), made an investment of Rs 550 Cr in Impresario Entertainment and Hospitality. After this transaction, it became the majority shareholder of Impresario.
The fresh capital will help fuel the further expansion of Impresario’s business, which also received an investment from L Catterton in 2017. The company manages iconic brands such as SOCIAL, Mocha and Smoke House Deli which enjoy high recall across urban India and span over 60 locations across 17 cities in the country.
In the future, Impresario plans to double its number of outlets as India’s F&B market gets more organised, with growth in the high teens expected over the coming years. The company will enlarge its current geographical footprint from 17 to more than 30 cities as part of its expansion plan.
Commenting on the investment, Shantanu Nalavadi, Managing Director of IndiaRF, said, “IndiaRF is delighted to partner with Impresario, which has built a profitable business on the back of strong brands, a professional team and a culture that allows the Company to stay nimble and creative. We plan to work alongside and augment the efforts of the management team, by leveraging on our deep operational engagement across multiple sectors. We believe that the next decade will see significant opportunities for Impresario as non-metro cities come up India’s aspirational curve and become major economic centres.”
Riyaaz Amlani, Founder and Managing Director of Impresario, added, “While the journey through the pandemic was especially tough for the restaurant sector, we were able to not only sustain but also strengthen our business. As we now begin a new chapter with IndiaRF, we look forward to a fruitful collaboration which we believe will propel Impresario to an exciting next stage of growth. We look forward to building on the momentum we have generated over the years as we partnered with L Catterton, which shared its consumer insights and industry expertise with us to help us grow.”
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