Helion Venture, Footprint Invest In QSR - Mast Kalandar
Helion Ventures along with Footprint Ventures has invested additional R32.5 Cr ($6 Mn) in Mast Kalandar, a QSR chain run by Spring Leaf Retail Private Limited.
The funds raised will be utilized to expand its number of outlets from 40 to 100 across 8 cities in next 18 months.
In this third round of investment, Helion Ventures has invested $5 Mn while the balance is infused by Footprint Ventures in ethnic Indian food chain that has now raised a total of $11 Mn in equity capital.
In 2008, Footprint Ventures had invested in the Series A round of funding of Spring Leaf. In 2010, both the PE firms - Helion and Footprint Ventures along with Salarpuria Group, an angel investor invested in Series B round in Mast Kalandar.
Mast Kalandar is a North Indian quick service restaurant chain, promoted by Gaurav Jain and Pallavi Gupta. It has steadily grown to 40 outlets in 4 cities in Bangalore, Hyderabad, Chennai and Pune in the last six years.
The chain currently serves two lakh customers every month across its outlets. With over 550 employees, Mast Kalandar operates on a hub and spoke supply chain model.
The Indian 'eating out' market is estimated at around R33,000 Cr by retail consultancy Technopak Advisors. The organised sector is valued at about R8,000 Cr and growing by 20-25%. The QSR space in India faces challenges such as long gestation periods, rising real estate costs and complexity of logistics and back-end operations.
Recently in September, Indian Angel Network invested an undisclosed amount in Mexican Quick Service Restaurant – Poncho in Mumbai. SAIF Partners invested R40 Cr in TMA Hospitality Services owned - Ammi's Biryani. In July, Correa Hospitality invested $5 Mn in a QSR chain Fishtro for an undisclosed stake.
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|Footprint Ventures|| IT/ITES/Technology
|http://www.footprintventures.com/index.htm||Neill BrownstainLinda BrownsteinJosh Bornstein|
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|http://www.helionvc.com/||Ashwin Heerdaye JugbandhanDourvesh (Vikas) KumarAshish GuptaSanjeev Aggarwal|
|Spring Leaf Retail Private Limited||
|1st Floor, Regent Court, No 17, ST Bed Extension, 80 Ft Road, Koramangala, 4th Block||http://www.mastkalandar.com|
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