Bengaluru: Azure Hospitality, the FDI-backed company which operates a restaurant chain with the brand name Mamagoto raises $10 million from American investment banking firm Goldman Sachs. The company plans to utilize the funds to boost their business expansion strategies. As a part of the deal, two board members from Goldman Sachs will be joining Azure’s existing five-member board.
Established in 2009 by a young duo of Kabir Suri and Rahul Khanna, Azure runs a chain of hotels and restaurants in Mumbai, New Delhi and Bengaluru. It had also launched two budget brands – Rollmaal and Speedy Chow, with Speedy Chow focusing on Chinese cuisine and Rollmaal on Indian food. It has also launched a mobile app that enables the users to get home delivery of meals.
As of now, the company has a workforce of 750 people and is planning to hire new talents to expand to tier-1 and Tier-2 towns soon. The company also claims that the two newly introduced brands have seen their online orders increase by 30 percent each quarter.