PE firm Siguler Guff invests $40 million in Chili’s India franchise Trimex Foods
Mumbai: Private equity firm Siguler Guff on Wednesday said it has invested $40 million in Trimex Foods Pvt Ltd, the exclusive franchise partner in India for global restaurant brands such as Chili’s Grill & Bar, PAUL and Cinnabon.
The round marks Trimex’s first institutional capital raise and aims to help accelerate the company’s expansion across India by adding new global brands alongside its existing brand portfolio.
This development comes at a time when India is witnessing renewed investor activity in restaurant and QSR chains, with a number of transactions taking place in this space in recent months.
Burma Burma stood up ₹38 crore from existing investor Negen Capital and new investors Endurance Capital and Coheron Wealth in March. Burger Singh raised ₹82 crore in a round led by Artal Asia Pte Ltd along with Negen Undiscovered Value Fund and Aurum Rising India Fund in March.
Separately, listed player Sapphire Foods India is set to merge with Devyani International in a nearly billion-dollar deal. Devyani also announced plans to acquire home-grown chain ‘Biryani by Kilo’. Wow! Momo raised capital from Singularity in December. Mint also reported Subway India’s plans to list on public markets.
Founded in 2010, New Delhi-based Trimex operates more than 50 restaurants and patisserie-cafés in 13 cities in India and has nationwide rights to its global brand portfolio.
The company said its differentiated menu positioning, strong brand loyalty and disciplined approach to store operations make it a preferred partner for global restaurant brands.
“Siguler Guff’s global expertise and history of partnering with consumer businesses in emerging markets make them the perfect partner for our next phase of growth,” Trimex Foods said in a statement.
The investment reflects Siguler Guff’s belief in the long-term growth of India’s organized food services sector, which is expected to be one of the fastest growing consumer segments in the country over the next decade.
Shaun Khubchandani, partner and joint portfolio manager at Siguler Guff, said: “India’s foodservice industry is undergoing structural change, with consumers increasingly turning to globally recognized dining experiences.”
“The platform built over the last fifteen years is remarkable; it represents a scalable, multi-brand platform with industry-leading execution and a strong customer following,” he added.
With enduring investment experience in the consumer and retail sectors through its existing portfolio, Siguler Guff’s India team has described Trimex as a differentiated, founder-led platform capable of scaling global brands in one of the world’s largest consumer markets. Some of the investment firm’s other investments in India include GlobalLogic, Baazar Kolkata, Solvd, Valliance.ai, Rajasthan Royals and La Renon Healthcare.
Overall, India’s food services market, worth $80 billion by 2024, is expected to grow at a compound average growth rate of 10-11% by 2030, according to a report by Redseer. The organized sector triggers this growth.
As consumer preferences evolve, the rise of online food delivery and organized dining establishments is reshaping the landscape, the consulting firm said.
