Neopolitan Pizza Pvt Ltd, a Gujarat-based quick service restaurant (QSR) chain operator, has raised an undisclosed amount in an angel funding from Sarthi Angels Venture Foundation (SAVF).
This is SAVF’s third investment after it invested an undisclosed amount in Ahmedabad-based engineering firm and in Delhi-based .
Started in 2012 by Mukund Purohit, an Indo Canadian entrepreneur, Neopolitan Pizza has positioned itself as a vegetarian Italian meal chain. Besides traditional Italian fast food it also offers Jain Special food.
Purohit is also the president and CEO of V-care Group Ltd besides advisor to Canadian ministries and organisations.
Currently, Neopolitan Pizza has 22 stores and it aims to have 100 outlets by FY17 pan India.
Pizza market is dominated by Domino’s which is run by public listed firm Jubilant Foodworks and followed by Pizza Hut, run by US-based Yum!. Another private equity backed pizza chain in the country include Om Pizza (which runs Papa John’s chain and counts TVS Capital and Vinod Mittal Group as investors).
QSR as a business has attracted several investors in the past. Most recently, Nilgai Foods, which operates QSR chain PICO and sells condiments and gourmet processed foods products, raised its first round of equity investment from an unnamed high net-worth investor (HNI).
SAVF, which was launched in August 2013 by Sarthi Group, a financial services company, comprises high net-worth angels among others and invests in startups operating in sectors like e-commerce, IT, agriculture and food processing, consumer, clean tech, healthcare and media.
The platform can invest at any stage of a startup lifecycle (even in ideation stage companies) and the amount invested can go up to $2 million.