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Lenexis Foodworks to invest Rs 150 crore & open 70 Wok Express outlets
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Saturday, 10 November, 2018, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Lenexis Foodworks has embarked on a Rs 150-crore expansion plan to open 70 new Wok Express outlets within the next three years. The entire expansion will be funded through internal accruals.
Wok Express, India’s first pan-Asian food brand in the quick service restaurant (QSR) space plans to penetrate its reach in Bengaluru, Hyderabad and New Delhi. The three-year old company presently operates 35 outlets across all major malls and high streets in Mumbai and Pune. All the outlets are company-owned and operated.
“Wok Express started off as a pilot project in 2015 with one restaurant in Pali Naka, Bandra. With the overwhelming response from our patrons, we not only established 35 restaurants within a short span of three years, but also served a million Chinese rice and noodle bowls,” said Aayush Agrawal, director, Lenexis Foodworks Pvt Ltd.
“Our strategic initiatives continue to show encouraging development, which we believe will enable our long term growth objectives. We opened 10 restaurants this year and are on track to achieve our development target of 100 outlets across leading metros in India within the next three years,” he added.
Wok Express posted an impressive comparable year to date sales for financial year (FY) 2018- 19 that increased to 22.4 per cent as overall orders during this year saw a remarkable 61.8 per cent surge. The gains have come from both dine-in and delivery sales that has rose to 44.4 per cent and 105.4 per cent, respectively.
While Indian cuisine still remains the most preferred choice in India, Chinese cuisine is gaining significant popularity. Chinese rice and noodle bowl - wok as concepts are new in India, and Wok Express is one of the pioneers of this concept.
It allows customers to choose from variety of options, to customize and prepare their own bowls. They can do it in four easy steps where they choose from rice or noodles, vegetables, proteins, sauces and seasonings.
The extensive menu from Wok Express boasts of an interesting spread of pan-Asian cuisine like Chinese rice and noodle bowls, soups, baos, dumplings, chicken wings, appetisers and bubble tea. The menu starts at a sweet price point of Rs 55.
QSR have been growing exponentially in the recent times. India’s burgeoning middle class, an estimate by the India Brand Equity Foundation (IBEF) pegged it at Rs 267 million, economic growth of seven per cent-plus, and a projected compound annual growth rate (CAGR) of over 22 per cent for QSR by 2021.
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