Impresario Hospitality & Entertainment, which owns restaurant brands like SOCIAL, Smoke House Deli, and Boss Burger, is considering an IPO in the next two to three years. This decision stems from the significant growth observed in the casual dining restaurant sector.
The Mumbai-based food company has ambitious expansion plans, aiming to reach a total of 100 restaurants within the next two to three years. Managing Director Riyaaz Amlani envisions achieving a revenue milestone of Rs 1,000 crore by FY26. These expansion goals align with the company’s broader strategy for growth and market presence.
Unlike the quick service restaurant (QSR) segment, which boasts several listed firms like Devyani International, Sapphire Foods, and Burger King India, the casual dining restaurant (CDR) space has limited representation. Barbeque Nation Hospitality’s listing in September 2021 was the most recent addition to this segment.
Amlani, serving as both the Managing Director and CEO, affirmed that the predominant expansion will unfold in tier-2 and tier-3 cities.
Impresario Hospitality & Entertainment is gearing up to inaugurate its 50th outlet in Telangana on December 21. The company’s strategic focus on expanding in smaller cities aligns with its broader expansion plans.
“Next year, we should be around 70, and in another 2-3 years we are looking to touch 100,” said Almani, adding that a culmination of various factors will be fuelling growth in the CDR segment.
Presently, the restaurant chain has established its presence in key cities such as Mumbai, New Delhi, Pune, Bengaluru, Chennai, Kolkata, Chandigarh, Indore, and Dehradun.
Significantly, the popularity of dining out is not confined to metropolitan areas but has also gained momentum in non-metro locations.
He added that the SOCIAL brand, being the flagship, is adept at adapting to evolving trends such as work-from-home, hybrid working, and the growing demand for networking spaces.
In 2022, the India Resurgence Fund (IndiaRF), an India-focused investment platform promoted by Piramal Enterprises, and global private equity major Bain Capital invested Rs 550 crore, or $66.5 million, in Impresario.
Amlani said that the company has ample funds for the outlined expansion and would contemplate seeking additional capital only if opting for acquisitions aligns with its growth strategy.
