Bengaluru-based Popo Global, which runs the gourmet food brands, The Pizza Bakery, Paris Panini, and Smash Guys, has secured a significant minority investment of ₹532 crore from Artal Asia, part of the US-based Invus Group, the companies said in a statement.
Popo Global has not disclosed the valuation details or the size of the equity stake acquired by the global investment firm.
about the deal on 10 July. People familiar with the matter had then said that the deal was expected to value the restaurant operator at ₹1,100-1,350 crore.
“Popo’s highly capital-efficient model has enabled it to bootstrap its significant expansion in the Bengaluru market,” the company said.
As Popo Global lays the groundwork to expand beyond the city to fulfil its global potential, Artal Asia has become a significant minority investor in the business.
Popo Global was founded in 2017 by brothers Nikhil Gupta and Abhijit Gupta. “From a single wood fired oven a few years ago to one of the largest food deals in this year, Popo combines the convenience of QSR, fine dining and the scalability of delivery and has delivered the highest same store sales growth and repeat rates, the best unit economics in the category, emerging as a clear standout in the Indian F&B space,” the company said in a statement.
The investors
The latest transaction brings together Artal Asia, an affiliate of Artal Group whose global portfolio includes CAVA, the leading Mediterranean fast-casual brand in the US and whose India investments include Capital Foods, backed for over a decade before its ₹5,200 crore acquisition by Tata Consumer Products, and now Popo Global.
“Our mission is to empower exceptional entrepreneurs to transform their industries,” Lee Swee Yin, director at Artal Asia added.
“Bringing Artal Asia into Popo lets us think considerably bigger while keeping the spirit that got us here – never cutting any corners on quality,” Popo’s founders said. “They have partnered with some of the world’s most successful businesses, and they understand that the product has to stay at the centre of it.”
The Rainmaker Group acted as the exclusive financial advisor on the transaction. “With Artal Asia’s patient capital and global operating expertise, this fundamentally well-run, Bangalore-born company is well-positioned to become India’s most-loved business,” said Avijit Goel, partner at The Rainmaker Group.