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New Delhi: Global investment firm Hunch Ventures is acquiring casual and fine-dine chain Jamie Oliver Restaurants in India from London-based consumer investor platform International Market Management (IMM) which held 51% stake in the business.
Hunch Ventures had invested in the IMM-controlled Indian entity in 2015, which operates the Jamie’s Pizzeria, Italian and Kitchen chains in India.
IMM founder Jasper Reid and founder of Hunch Ventures Karanpal Singh confirmed the development to ET but both declined to divulge the size of the transaction.
“Hunch, the joint venture partner of IMM, will now become the sole owner of Jamie Oliver Restaurants in India. The UK shareholders were looking for an exit,” Reid said.
Hunch Ventures’ India investments include premium club chain Quorum, co-working spaces firm The Circle Work, urban air mobility company FlyBlade, medical consultation platform MyHealthcare and premium concierge services. It has acquired 14 restaurants operated by the Jamie Oliver chain in India.
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Singh said the acquisition would consolidate the company’s existing hospitality business. “Hospitality has been an asset class for us. So, we are looking to scale the Jamie’s brand into tier -2 and -3 cities by both owned and franchised routes, and develop new food-led IPs,” he said. The group will foster synergies across portfolio companies in agritech and commercial real estate, he added.
The move comes when discretionary spending has started to improve after five quarters of slowdown that saw consumers either postpone buying or reduce ticket sizes. But aided by tapering inflation, multiple new players, expansion of regional casual, fine-dine and cafes formats, and investor interest, the sector is on a rebound, say various industry estimates.
“Disposable incomes are increasing, there are government incentives being offered now and the share of western comfort food is gaining in popularity,” Singh said.
He said the chain would invest ‘200 crore over the next three years on expansion, adding that “investments by franchisee partners could be multiples of that.”
This is IMM’s second exit in India after a decade of operating in the hospitality business. It exited its investment in American quick service chain Wendy’s in 2023, having sold the operating rights to cloud kitchen start-up Rebel Foods, which also operates quick service restaurant brands such as Behrouz Biryani and Oven Story Pizza.
India’s food services industry may grow at a CAGR of 8.1% to touch sales of ‘7.76-lakh crore by 2028.
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