Malaysiaian private equity company Navis Capital Partners acquired the stake of Samir Kuckreja the co-owner of Nirula’s to gain complete control over homegrown fast food chain. Navis had bought Nirula’s in a 90 crore rupees deal in 2006. Post-acquisition, it invested 30 crore rupees directly, while another 20 crore was infused by the franchisees for store rollouts, equipment and kitchens.
Nirula’s was among the first fast-food chains in the country which made ‘big boy burgers’ and ‘hot chocolate fudge’ famous. It also pioneered the concept of family-style restaurant when it opened its first outlet in Delhi in 1934.
The organised restaurant industry is estimated at 7000-8500 crore rupees, according to a white paper by the National Restaurant Association of India, with organised players accounting for a meagre 2-3% of the overall business.
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