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ICICI Venture bought 10 Percent Stake in Devyani International
By siliconindia
Mumbai: ICICI Venture Funds Management Company bought a 10 percent stake in RJ Corp's Devyani International for about 
250 crore, reports Economic Times. Devyani Inernational runs KFC, Pizza Hut and Costa Coffee chains in India.
The investment deal was confirmed by Ravi Jaipuria, Founder of RJ Corp, but declined to comment on the amount. The fund will be used for expansion of food business in India and in global markets and will also support expansion of RJ Crop-run KFC stores in Africa. The deal values Devyani as a $500 million business. The deal will provide a foothold to ICICI Venture in the flourishing business of restaurant industry as it is estimated to be around 5000 crore and is growing at an annual rate of 40 percent.
Devyani International has big plans for expansion, to open 150-160 restaurants this year alone across its international brands. They have recently set up their own chain of South Indian restaurants, Vaango, where an investment of over 100 crore is estimated for next few years.
It is the first private equity investment of ICICI Ventures in a company owned by RJ Corp. RJ Corp also holds a majority stake in a beer joint venture with Anheuser-Busch InBev, owns ice-creams brand Cream Bell, franchising rights for Walt Disney group company Disney Artist and has interests in education, real estate and hotels.
250 crore, reports Economic Times. Devyani Inernational runs KFC, Pizza Hut and Costa Coffee chains in India.
The investment deal was confirmed by Ravi Jaipuria, Founder of RJ Corp, but declined to comment on the amount. The fund will be used for expansion of food business in India and in global markets and will also support expansion of RJ Crop-run KFC stores in Africa. The deal values Devyani as a $500 million business. The deal will provide a foothold to ICICI Venture in the flourishing business of restaurant industry as it is estimated to be around 5000 crore and is growing at an annual rate of 40 percent.
Devyani International has big plans for expansion, to open 150-160 restaurants this year alone across its international brands. They have recently set up their own chain of South Indian restaurants, Vaango, where an investment of over 100 crore is estimated for next few years.
It is the first private equity investment of ICICI Ventures in a company owned by RJ Corp. RJ Corp also holds a majority stake in a beer joint venture with Anheuser-Busch InBev, owns ice-creams brand Cream Bell, franchising rights for Walt Disney group company Disney Artist and has interests in education, real estate and hotels.
