Bangalore: Mexican Quick Service Restaurant- Poncho, has been invested by Indian Angel Network for an undisclosed amount in Mumbai.The investment has lead to Kaushal Aggarwal, an IAN member to join the board of the company.

Founded by two IITians, Anshul Gupta and Amit Raj, Poncho is a restaurant that offers Mexican delicacies. Presented in open kitchen style, Poncho has over 30 members and are planning to open more than 15 outlets by the end of this year.

According to yourstory.in, the investment in Poncho is the very first for IAN in F&B sector. Funded over 35 startups, IAN has already covered sectors like IT, mobile, healthcare and education, both in India and overseas.Earlier this month, IAN invested on Aurus Network, a cloud based startup built upon media creation, development, management and distribution in educational space, for an undisclosed amount.

According to Technopak analysis, Indian food service industry is all set to boom, expected around $8.1 Bn by 2013 and $9.6 Bn by 2018.