Sapphire Foods raises Rs 225 cr from Edelweiss PE\, others

Sapphire Foods raises Rs 225 cr from Edelweiss PE, others

Press Trust of India  |  Mumbai 

Sapphire Foods, which operates over 350 outlets of popular eating joints like KFC, Wednesday said it has raised Rs 225 crore in a round led by Edelweiss Private Equity.

The investment will be used for expansion activities, a statement said, without disclosing any details on the valuation of the 2015-incorporated company.

Sapphire is backed by a consortium of private equity funds, including Samara Capital, Goldman Sachs, and IDI Emerging Markets, the statement said.

Sapphire operates Yum! Brands' KFC, and Taco Bell outlets in the Indian subcontinent and has drawn up "aggressive expansion plans", it said.

"This investment in Sapphire Foods is consistent with our thesis to partner with structurally high growth businesses led by strong management teams," of Edelweiss Private Equity, Pranav Parikh said.

There are strong macro tailwinds for the quick service restaurants space in with the onset of urbanisation and increasing preference for such food items, he added.

At present, the company directly employs 8,500 youth across the country through it restaurants.

It also has a presence in and Maldives, the statement said, adding the company had started out by acquiring 250 outlets in and from multiple franchisees and Yum Restaurants.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 19 2018. 20:30 IST