Azure Hospitality raises $10 mn from Goldman Sachs

Company currently operates in eight metropolitan locations, including Bengaluru, New Delhi, Gurgaon and Mumbai

Azure Hospitality, a New Delhi-based company that runs a pan-Asian cafe chain under its flagship brand Mamagoto, has raised $10 million (Rs 63.4 crore) from global investment banking and investment management firm Goldman Sachs, to fund its expansion plans.

The company was established in 2009 by Kabir Suri, who holds a degree in economics and business management from Wheaton College, Massachusetts; and Rahul Khanna, a student of Switzerland-based Ecole Hoteliere De Lausanne; he holds a bachelor of science in international hospitality management.

Efforts to contact Azure chief executive Kabir Suri and director Rahul Khanna to confirm the development proved futile.

According to the Azure Hospitality’s website, the company operates in eight metropolitan locations.

In 2013, Azure entered the quick service restaurant (QSR) space and app-enabled home delivery of meals with two new brands – Rollmall and Speedy Chow – to capitalise on a clear shift in Indian eating habits from event-based dining to habitual consumption.

According to various media reports, Azure is planning to deploy the proceeds from the fundraising to open around five Mamagoto outlets and 10 Rollmall and Speedy Chow units.

At present, Azure Hospitality operates nine outlets under Mamagoto (play with food in Japanese) and five each under Rollmall and Speedy Chow. The company, backed by London-based private investment firm Blue Sky Capital, claims that the two QSR brands have seen their online orders increase by 30 per cent, each quarter.