New Delhi, April 29 -- Siguler Guff & Company, an American multi-strategy private market investor with over $18 billion in assets under management, said Wednesday it has invested $40 million (around Rs 379 crore) in Trimex Foods Pvt. Ltd, the Indian franchise operator of global restaurant brands Chili's Grill & Bar, PAUL, and Cinnabon.
The announcement comes a month after VCCircle exclusively reported that Siguler Guff had emerged as the frontrunner to invest in the company that runs Chili's outlets in India. Previously, VCCircle reported in early February that the Chili's operator was looking to raise funding.
The investment marks the first institutional capital raise by Trimex, a subsidiary of Stellar Concepts Pvt. Ltd, an Indian multi-brand restaurant franchise operator. The company said in a statement it plans to use the funds to accelerate its expansion across India, including scaling existing brands and onboarding new global partners.
Founded in 2010, Trimex operates more than 50 restaurants and bakery-cafes across 13 cities in India and holds exclusive franchise rights for Chili's Grill & Bar, PAUL, and Cinnabon.
"India's food services sector is undergoing a structural shift as consumers increasingly gravitate toward globally recognized dining experiences," said Shaun Khubchandani, partner and co-portfolio manager at Siguler Guff.
"The platform built over the past 15 years is notable, representing a scalable, multi-brand platform with industry-leading execution and a strong customer following," he added.
A spokesperson for Trimex Foods said the partnership would support its next phase of growth. "Since the company's founding, we have focused on building a platform that delivers world-class dining experiences to Indian consumers while maintaining the highest standards of operational consistency," the spokesperson said.
"Siguler Guff's global expertise and their track record of partnering with consumer businesses in emerging markets make them a great partner for our next phase of growth," the spokesperson added.
Siguler Guff, which is currently raising capital for its Asia-focused PE strategy, invests across strategies such as private credit, small business private equity, distressed real estate and emerging markets.
Its investments in India include Indian Premier League cricket franchise Rajasthan Royals, Dailyhunt parent VerSe Innovation, affordable fashion retailer Baazar Kolkata, South India-focused consumer electricals retailer Luker and Gujarat-based hospital chain Sterling Hospitals.
Ernst & Young acted as the exclusive financial advisor to Trimex on the transaction.
Published by HT Digital Content Services with permission from VC Circle.