Date:12/10/11,
Private Equity,
Cross Border Deal, Announced,
Sequoia Capital, a private equity frim, will invest $5 million in Faaso's, a Pune based vendor of Indian fast food for an undisclosed minority stake.
Faaso's, a Pune based vendor of Indian fast food founded two engineering college classmates. The chain will use this funding to set up 50 units in Mumbai in the next 18 months and then hopes to have 300 to 400 outlets across the country in Bangalore and the National Capital Region. The QSR or Quick Service Restaurant business is not new to Sequoia.
According to GV Ravishankar, managing director of Sequoia Capital India, Fasoo's will focus on the new-generation, doubleincome Indian family and will address both the residential and office crowd. "This is not a new market, it is a space where execution counts," he says. According to some industry estimates, the Indian "eating out" industry is itself worth Rs 100,000 crore and growing at 15-20% per annum, exciting investors such as Sequoia.
According to GV Ravishankar, managing director of Sequoia Capital India, Fasoo's will focus on the new-generation, doubleincome Indian family and will address both the residential and office crowd. "This is not a new market, it is a space where execution counts," he says. According to some industry estimates, the Indian "eating out" industry is itself worth Rs 100,000 crore and growing at 15-20% per annum, exciting investors such as Sequoia.
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