Mumbai, Dec 20: Sapphire Foods, the largest franchisee of Yum! Brands Inc has raised Rs 225 crores of equity investment led by Edelweiss Private Equity, the private equity and venture capital arm of Edelweiss Financial services, and its existing investor Goldman Sachs to fund its aggressive expansion plans in India.
''Sapphire Foods is delighted to welcome Edelweiss Private Equity on its Board and looks forward to working with them and the existing shareholders in its quest to become the best Restaurant and Food Services Operator in the country. We are proud to operate Yum! Brands’ iconic KFC and Pizza Hut restaurants in India, Sri Lanka and Maldives and believe there is significant potential to expand our current restaurant base and bring joy to millions of consumers through great tasting food and service. Sapphire Foods provides direct employment to over 8,500 youth across the country through our restaurants'', said Sanjay Purohit, Group CEO, Sapphire Foods.
Sapphire Foods was set up in September 2015 backed by a consortium of leading Private Equity firms Samara Capital, Goldman Sachs, CX Partners and IDI Emerging Markets. Sapphire Foods had acquired approximately 250 KFC and Pizza Hut restaurants in India and Sri Lanka from multiple franchisees and Yum Restaurants India Pvt Ltd since 2015-16. (UNI)