Mumbai-based venture capital firm Trans-Continental Capital Managers LLP through its fund Trans-Continental Venture Fund, has invested an undisclosed amount in Impresa Hospitality Management Pvt Ltd (IHMPL), the company that owns and operates Lebanese restaurant chain Maroosh.
As part of the deal, TCVF’s Jayendra Shah, who is partner at NA Shah Associates and also one of the founding directors, will join the board of IHMPL.
Although the investment amount was not disclosed, TCVF said it invests around $1 million (Rs 6.5 crore) in its portfolio firms.
IHMPL, founded by serial restaurateur and food aficionado Ketan Kadam in 2011, owns and operates a chain of restaurants and bars through its brands Two One Two Bar and Grill, DaVinci’s and Maroosh as well as prominent Mumbai nightclub Fire ‘N’ Ice. Maroosh is a quick service restaurant (QSR) brand that offers Lebanese and West Asian cuisine.
Last year, media entrepreneur turned investor Ronnie Screwvala’s Unilazer Ventures Ltd had acquired a 43.5 per cent equity stake in IHMPL for Rs 18 crore ($2.93 million), valuing the firm at RS 41.3 crore.
It had said then that it would use the money to augment its existing footprint of 14 outlets by opening 50 outlets by the end of 2015 and 300 more in four years, apart from revamping the existing 14 restaurants. As per its website, currently, the firm has 17 outlets.
“Ketan is a seasoned restaurateur with a track record of having built several restaurant brands. He has created a strong launch-pad for his business through the use of technology and outsourcing of non-core operations, both of which are critical for any QSR to succeed,” said Jayendra Shah.
Trans-Continental Capital Managers is a small venture fund set up by founders of the professional services firm Trans-Continental Capital Advisors. This is its first known investment.