Piramal-Bain's IndiaRF invests Rs 550 cr for majority stake in Impresario

India Resurgence Fund (IndiaRF), an India-focused investment platform backed by Piramal Enterprises Limited and Bain Capital, has invested Rs 550 crores in food and beverage (F&B) company Impresario Entertainment and Hospitality Private Limited. With this, IndiaRF has become the majority shareholder of Impresario.

Funds will be used by the company to fuel the further expansion of Impresario’s business.

Shantanu Nalavadi, Managing Director of IndiaRF, said, “We plan to work alongside and augment the efforts of the management team, by leveraging on our deep operational engagement across multiple sectors. We believe that the next decade will see significant opportunities for Impresario as non-metro cities come up India’s aspirational curve and become major economic centres.”

IndiaRF invests capital from its $629 million first fund along with its co-investors in both debt and equity control investments across sectors in the Indian market.

Impresario plans to double its number of outlets as India’s F&B market gets more organised and enlarge its current geographical footprint from 17 to more than 30 cities as part of its expansion plan.

The F&B company, which currently owns and manages brands such as SOCIAL, Mocha, and Smoke House Deli, had earlier also received an investment from L Catterton in 2017. The LVMH-backed investment firm has now exited its five-year-old investment in Impresario.

According to Chinta Bhagat, a Managing Partner in the Asia fund of L Catterton, the company is well positioned for further success as they continue to grow their footprint across India. “Impresario is a pioneer in India’s casual dining category and we are happy to have contributed to its journey of redefining dining experiences across the country,” he said.

Lodha Capital Markets was the exclusive financial adviser to L Catterton and Impresario on the transaction.

Riyaaz Amlani, Founder and Managing Director of Impresario, said that he looks forward to building on the momentum they generated over the years being partnered with L Catterton.

“While the journey through the pandemic was especially tough for the restaurant sector, we were able to not only sustain, but also strengthen our business. As we now begin a new chapter with IndiaRF, we look forward to a fruitful collaboration which we believe will propel Impresario to an exciting next stage of growth,” he added.