Piramal and Bain-baked IndiaRF picks up controlling stake in Impresario Entertainment for Rs 550 crore

The India Resurgence Fund IndiaRF, an investment platform promoted by Piramal Enterprises and Bain Capital, has invested Rs 550 crore in Impresario Entertainment and Hospitality for a controlling stake.The fresh capital will be used for expansion of Impresarios business, which had also received an investment from L Catterton in 2017.

The India Resurgence Fund (IndiaRF), an investment platform promoted by Piramal Enterprises and Bain Capital, has invested Rs 550 crore in Impresario Entertainment and Hospitality for a controlling stake.

The fresh capital will be used for expansion of Impresario's business, which had also received an investment from L Catterton in 2017. It currently owns and manages brands such as Social, Mocha, and Smoke House Deli at 63 outlets across 17 cities, the companies said in a joint statement.

The largest brand is Social with 35 outlets. Its other popular brands include Slink & Bardot, and Salt Water Café which offer contemporary formal and casual settings.

With the capital infusion, Impresario plans to double its number of outlets and the geographical presence to 30 cities over the next few years, said Riyaaz Amlani, founder and managing director of Impresario.

Shantanu Nalavadi, managing director of IndiaRF, said, ''Impresario has built a profitable business on the back of strong brands and a professional team and we plan to work alongside and augment the efforts of the management team by leveraging on our operational engagement across multiple sectors.'' The India Resurgence Fund invests from its USD 629 million first fund along with its co-investors in both debt and equity control investments across sectors.

Impresario was founded in 2001 with its maiden venture Mocha and since then has grown to a network of 63 restaurants in 17 cities. It also owns and operates dark kitchen brands like Boss Burger, Lucknowee and Hungli.