New Delhi: Italian restaurant chain Serafina plans to invest about Rs 50 crore in India to open five more outlets in the country in the next five years to take the total number to eight.
"India contributes around 8-10% of our total business currently and there is major growth potential in this country,"
Fabio Granato, co-founder of Serafina told ET. "As founders, we will invest around $2 million (about Rs 12.36 crore) in the future outlets and the rest of the investments will be made by our Indian partner, Global Kitchens," he added.
In India, the New York-headquartered chain has a joint venture with Global Kitchens, which also owns restaurant chains including The Irish House, Cafe by the Beach, Haagen-Dazs at Phoenix Mills, Lower Parel and Copper Chimney at Mumbai's suburb of Andheri. It also has a tie up with Hyderabad-based businessman SP Reddy, who launched Serafina in Bengaluru. Currently, Serafina's outlets are located in Mumbai, Kolkata and Bengaluru.
The chain, which is popular with celebrities like the Kardashians and Lady Gaga, plans to open a restaurant each in Goa and New Delhi, besides expanding in its existing markets such as Mumbai and Bengaluru. It had shut its outlet at central Mumbai's Palladium Mall in November 2014 owing to poor business at the location and shifted recently to Kala Ghoda.
"In New York, we don't believe in mall and it's more of standalone outlets. While Palladium is one of the best malls in Mumbai, our location in the mall (third floor) did not attract much footfalls," explained Granato. India's food service markets expected to grow to Rs 4.08 lakh crore by 2018.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.