Half a year of 2016 has passed and the wave of mergers, investments, acquisitions has not yet slowed down. Progress and growth in the startup industry seems to be booming with each passing day.
The hotel and food industry is not less in this race. Just yesterday city based dosa place – Aadya Restaurants announced its acquisition of Sukashree Agro Foods who owns the `Chennai Chef’ brand, which retails food products such as idly and dosa batters, sambar and rasam powders, among others.
Sources reveal that Aadya restaurants acquired a full on 91% stake in Chennai Chef, which is also another city based startup only. Though the stake percentage has been disclosed, the amount is still kept a secret.
Chennai Chef is a retail business having presence across major super markets since six years. The company is mainly into in selling idly, dosa, nutri dosa batters, sambhar and rasam powders.
“We found great synergy in Chennai Chef. This acquisition will make us spread our wings into retail business too. We want to become the McDonald’s of south Indian food.” said Ajay Koneru, founder and Director of Aadya Restaurants.
Dosa Place is Aadya Restaurant’s initial venture. This restaurant aims to be a one-stop-restaurant and service provider wherein it plans to run multiple mobile trucks across the nation. Presently, the firm has 35+ employees that includes master chefs, cooks, servers, managers and quality maintenance staff. “We started our journey with one truck and now we are four trucks and a Quick Service Restaurant at a Drive – in, Koneru said.
When asked about the company’s future plans, Koneru said, “We are getting into QSR segment with the brand TIDC, The Indian Dosa Company. Our plan is to have presence in at least five states in next 1 year. All the cities will have Chennai Chef Factories, Dosa Place Trucks and The Indian Dosa Company (TIDC) QSR . By 2017 December we want to go global.”
Even after this acquisition, the brand ‘Dosa Place’ will remain the same for the company’s trucks and will primarily focus on parties, events, weddings, among others. The company also plans to raise Rs 12 crore to fund its expansion plans in the coming days.
Kudos and hearty congratulations to the team for Aadya restaurants for this successful acquisition. We hop all the future endeavours take shape as planned.