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NSR completes investment in Bengaluru-based Vasudev Adiga’s eat-outs chain
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Wednesday, 25 April, 2012, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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fiogf49gjkf0d New Silk Route (NSR), a private equity and growth capital firm, on Tuesday, announced the completion of its investment in Bengaluru-based Vasudev Adiga’s, one of south India's chain of vegetarian eat-outs with 11 restaurants in Bengaluru and 1 restaurant on the Bengaluru -Mysore highway.
Adiga’s has been present in Bengaluru for almost a decade and caters to a wide range of customers through their restaurants and event catering businesses. Corporate clients include marquee names like SAP, NDS, Ingersoll Rand, and Honeywell.
Jacob Kurian, Partner, NSR Advisors, said, “We continue to search for partners who have the vision and the passion to build a great business. We found that combination in Vasudeva Adiga. We see tremendous potential in Adiga’s as they have combined strengths of two different and popular formats – restaurants and event catering. Our aim is to help Adiga’s expand, initially in Bengaluru and eventually across India so that it can become India’s first homegrown national chain of restaurants. Since there is an unmet demand for good quality south Indian food even in other parts of the country, achieving our goal should not be a challenge.”
NSR has been actively looking at investing in the F&B space in India as this market has witnessed strong growth in the country over the past few years. Certain factors like liberalisation of the economy, growing income of middle-class population and macro-economic conditions have had a positive impact on consumer spending and consumption in both rural and urban areas, thus boosting the growth of this sector. The deal with Adiga’s marks NSR’s second investment in the F&B space after Cafe Coffee Day, the largest coffee retailing player in Asia.
“I knew that Adigas had the potential to grow into a much bigger and more professionally operated company. Having started this business myself, it is very close to my heart. I was looking for a partner not only for funding but who could also add value to my business. I am very pleased to partner with NSR as I know that they understand the industry and I feel that we can adopt some of their international best practices to enhance my business,” said K N Vasudeva Adiga, chairman, Vasudev Adigas Fast Food Ltd.
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