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The Mumbai-based food company also plans to increase its restaurants count to 100 in the next two to three years, with a revenue target of ‘1,000 crore by FY26, Riyaaz Amlani, Impresario’s MD, told ET.
While India’s quick service restaurant (QSR) segment has multiple listed firms, including Devyani International, Sapphire Foods and Burger King India, the casual dining restaurant (CDR) space has only a few. The last listing in this segment was of Barbeque Nation Hospitality in September 2021.
The majority of this expansion will take place in tier-2 and 3 cities, said Amlani, who is also the CEO.
The hospitality chain will be opening its 50th outlet in Telangana on December 21.
“Next year, we should be around 70, and in another 2-3 years we are looking to touch 100,” said Almani, adding that a culmination of various factors will be fuelling growth in the CDR segment.The restaurant chain has presence in Mumbai, New Delhi, Pune, Bengaluru, Chennai, Kolkata, Chandigarh, Indore and Dehradun.In addition to the demographic dividend that the market enjoys, going to eateries has gained traction not only in metros but also in non-metros.
According to him, the format of SOCIAL, the flagship brand, is well placed to absorb the changing trend, be it work-from-home, hybrid working, or the need to network.
In 2022, the India Resurgence Fund (IndiaRF), an India-focused investment platform promoted by Piramal Enterprises, and global private equity major Bain Capital invested ‘550 crore, or $66.5 million, in Impresario.
Amlani said his company has sufficient funds for the planned expansion and will only seek additional capital if it chooses to pursue acquisitions as part of its growth strategy.
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