India Equity Partners to fund $35 Million to Sagar Ratna
The deal was signed on June 22 and the funds were transferred on June 24. India Equity Partners, which has a corpus of $350 million fund, has been exploring better opportunities in the fast-growing consumption theme of food and retail in India.
Sagar Ratna started as a 40-seater restaurant in 1997, serving South Indian Cuisine in the NCR. They have their first outlet was located in Defence Colony, New Delhi and has now expanded to over 225 seats. They currently have more than 24 outlets and 29 franchisees. They also have opened a multi-cuisine restaurant chain under the brand name of Swagath, which currently serve Coastal, Chettinad and speicality Mughlai and Chinese cuisine. With a number of awards and recognitions in its name, the company is growing at a fast pace. They have overseas outlets in Thailand, Singapore and Canada and plans to venture into the quick-service restaurants space through Sagar Ratna Express, which will have outlets in Malls and commercial buildings.