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Grid Logic Hotels to raise $10 mn via PE firms to expand overseas business

As part of its offshore plans, company has identified locations in Singapore and the US

B Dasarath Reddy  |  Hyderabad 

hotels
(Representative Image) Promoters of Grid Logic considered the restaurant and resort business to be their next logical step after watching their clients' business from close quarters.

Hyderabad-based and Resorts said it would be signing a term-sheet with a Singapore-based Private Equity firm to raise $5 million for its plans of business expansion outside The term-sheet would be signed on June 8, said the company while adding that it is also in talks with another private equity firm to raise a similar amount that will help the resturaunt chain add a couple of international locations to its kitty. 

According to the company, negotiations with the second firm are at an advanced stage and include acquisitions in the space. As part of its offshore plans, the company has identified locations in and the US.

"The HNIs who are on board have already committed Rs 25 crore investment, which would more or less take care of our ongoing plan of opening 8 in and The money we raise from the private equity firms will be used for the plans that go beyond this immediate goal, such as opening outside India," said Pariekshit Madishetty, Managing Director at Grid Logic Group.

So far, Grid Logic has opened two multi-cusine in and Bengaluru in association with the Tabla franchise. With the launch of eight new resturaunts in the two cities, the company plans to build and expand its chain to comprise 10 by next year. Grid Logic is also planning to open similar in Mumbai and Pune, among other cities.

According to the company's MD Madishetty, partnership with the PE Firm, which is active in the Indian real esate sector, could create greater opportunities for Grid Logic.  

Madishetty also heads the group's flagship firm Grid Logic Software Services, which provides the marketing, gaming and security software services to Casinos in UK, Hong Kong and other places.

Promoters of Grid Logic considered the restaurant and resort business to be their next logical step after watching their clients' business from close quarters.

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Grid Logic Hotels to raise $10 mn via PE firms to expand overseas business

As part of its offshore plans, company has identified locations in Singapore and the US

As part of its offshore plans, company has identified locations in Singapore and the US
Hyderabad-based and Resorts said it would be signing a term-sheet with a Singapore-based Private Equity firm to raise $5 million for its plans of business expansion outside The term-sheet would be signed on June 8, said the company while adding that it is also in talks with another private equity firm to raise a similar amount that will help the resturaunt chain add a couple of international locations to its kitty. 

According to the company, negotiations with the second firm are at an advanced stage and include acquisitions in the space. As part of its offshore plans, the company has identified locations in and the US.

"The HNIs who are on board have already committed Rs 25 crore investment, which would more or less take care of our ongoing plan of opening 8 in and The money we raise from the private equity firms will be used for the plans that go beyond this immediate goal, such as opening outside India," said Pariekshit Madishetty, Managing Director at Grid Logic Group.

So far, Grid Logic has opened two multi-cusine in and Bengaluru in association with the Tabla franchise. With the launch of eight new resturaunts in the two cities, the company plans to build and expand its chain to comprise 10 by next year. Grid Logic is also planning to open similar in Mumbai and Pune, among other cities.

According to the company's MD Madishetty, partnership with the PE Firm, which is active in the Indian real esate sector, could create greater opportunities for Grid Logic.  

Madishetty also heads the group's flagship firm Grid Logic Software Services, which provides the marketing, gaming and security software services to Casinos in UK, Hong Kong and other places.

Promoters of Grid Logic considered the restaurant and resort business to be their next logical step after watching their clients' business from close quarters.
image
Business Standard
177 22

Grid Logic Hotels to raise $10 mn via PE firms to expand overseas business

As part of its offshore plans, company has identified locations in Singapore and the US

Hyderabad-based and Resorts said it would be signing a term-sheet with a Singapore-based Private Equity firm to raise $5 million for its plans of business expansion outside The term-sheet would be signed on June 8, said the company while adding that it is also in talks with another private equity firm to raise a similar amount that will help the resturaunt chain add a couple of international locations to its kitty. 

According to the company, negotiations with the second firm are at an advanced stage and include acquisitions in the space. As part of its offshore plans, the company has identified locations in and the US.

"The HNIs who are on board have already committed Rs 25 crore investment, which would more or less take care of our ongoing plan of opening 8 in and The money we raise from the private equity firms will be used for the plans that go beyond this immediate goal, such as opening outside India," said Pariekshit Madishetty, Managing Director at Grid Logic Group.

So far, Grid Logic has opened two multi-cusine in and Bengaluru in association with the Tabla franchise. With the launch of eight new resturaunts in the two cities, the company plans to build and expand its chain to comprise 10 by next year. Grid Logic is also planning to open similar in Mumbai and Pune, among other cities.

According to the company's MD Madishetty, partnership with the PE Firm, which is active in the Indian real esate sector, could create greater opportunities for Grid Logic.  

Madishetty also heads the group's flagship firm Grid Logic Software Services, which provides the marketing, gaming and security software services to Casinos in UK, Hong Kong and other places.

Promoters of Grid Logic considered the restaurant and resort business to be their next logical step after watching their clients' business from close quarters.

image
Business Standard
177 22