New Silk Route Partners may invest in South Indian vegetarian restaurant and fast food chain - Adiga. The valuation could be about R200Cr.
According to ToI, post transaction, the PE investor could emerge as the largest shareholder but the promoter family would continue to manage the growing business.
The funds will be used for expanding it's network across the country.
Adigas fast food chain was started by second generation entrepreneur K N Vausdev Adiga in 1994 as an offshoot of Brahmin's Coffee Bar in Basavanagudi (a prominent residential suburb of Bangalore) , which was started by his father late K V Nageshwar Adiga in 1965. Adiga's operates 12 multi-cuisine restaurant chains, fast food joints and catering services.
However, KN Vasudeva has dismissed fund raising plans as 'market speculation', according to the same report.
Quick service restaurants have attracted a lot of investor interest in past couple of months with a number of PE/VC funds picking up stakes in them.
Most recently, there were rumors that NSR and Bain Capital may invest upto $30Mn in Barbeque Nation Hospitality Limited, a restaurant subsidiary of Sayaji Hotels Limited for minority stake.
In October, Sequoia invested $5Mn in Pune based Kebab and wraps chain - Faaso's.
Before that in August, India Equity Partners invested $35Mn in Sagar Ratna, a Delhi-based South Indian restaurant chain. The investment gave the New York-based PE fund a controlling stake in the chain. Goli VadaPav also raised $4.7Mn from Ventureast.
In May, ICICI Venture invested $33Mn in RJ Corp’s Devyani International, which runs Pizza Hut, Costa Coffee and KFC across India.
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