Global private equity firm Invus Group is close to acquiring a minority stake worth approximately ₹500 crore in Bengaluru-based restaurant operator Popo Ventures, according to reports from Mint. The deal is expected to value the restaurant operator at ₹1,100-1,350 crore, marking the company's first external fundraise. Invus has previously seen success in its restaurant business investments globally and aims to replicate this performance in India's growing dining sector.
Founded in 2020 by brothers Abhijit Gupta and Nikhil Gupta, Popo Ventures operates restaurant brands including The Pizza Bakery, Paris Panini and Smash Guys. As reported by Mint, the company has been profitable and reported revenue of about ₹175 crore in FY25. In April, the company was in discussions with several investors including Norwest Venture Partners, A91 Partners, TR Capital and Temasek for a minority stake sale.
The investment comes amid rising investor interest in India's restaurant and QSR space, with the country's $80-billion food services market projected to grow at 10-11% CAGR through 2030, driven by rapid expansion of organised players and the rise of online food delivery and branded dine-in formats. According to Mint, this growth is accelerating the shift toward organised dining establishments.
The proposed transaction follows several significant deals across India's restaurant sector in recent months. As reported by Mint, earlier this week Inspira Global completed the acquisition of Restaurant Brands Asia Ltd, the operator of Burger King in India and Burger King and Popeyes in Indonesia. In April, private equity firm Siguler Guff invested $40 million in Trimex Foods Pvt Ltd, the exclusive Indian franchise partner for global brands such as Chili's Grill & Bar, PAUL and Cinnabon.
Consolidation is gathering pace across the restaurant sector, with listed player Sapphire Foods India preparing to merge with Devyani International in a nearly $1-billion deal. Devyani has also announced plans to acquire homegrown chain Biryani By Kilo, while Wow! Momo raised capital from Singularity in December. According to Mint, other recent developments include Burma Burma raising ₹738 crore from existing investor Negen Capital and new investors Endurance Capital and Coheron Wealth, and Burger Singh securing ₹782 crore in a funding round led by Artal Asia Pte Ltd.
