QSR Chain Mast Kalandar raises $6 million in series C led by Helion & Footprint Ventures
Quick service restaurant chain Mast Kalandar run by Spring Leaf Retail Pvt. Ltd is raising $6 million from Helion Venture Partners and Footprint Ventures in series C funding. The company co-founded by Gaurav Jain and Pallavi Gupta had secured series B funding from Helion earlier. [source]
Helion has invested $ 5 million in this round. The North Indian food chain has totally raised $11 million now. Footprint ventures of the Salarpuria group had also participated in the previous round.
The Indian food and beverages market is expected to grow at a compounded annual growth rate of 25 %, according to Technopak which said in July that the F&B sector continues to see huge investments and the opening of new chains at a rapid pace. The market (excluding alcoholic beverages) which was valued at $200 billion in 2007, is slated to grow to $300 billion by 2015, according to an FICCI- Technopak study.
Last month, we wrote about Best Food Enterprises, a Bangalore headquartered ready made food company, into which Sequoia Capital is set to invest $ 3.6- $5.4 million.
Watch Gaurav Jain sharing his journey from being a software engineer to starting a restaurant business at previous UnPluggd.