Sapphire Foods, the franchisee of Yum! Brands operating more than 350 KFC, Pizza Hut and Taco Bell restaurants in India, Sri Lanka and Maldives, has raised ₹225 crore of equity investment led by Edelweiss Private Equity, and its existing investor Goldman Sachs to fund its expansion plans in India.
Edelweiss Privte Equity has joined the board of Sapphire Foods.
“We believe there is significant potential to expand our current restaurant base,” said Sanjay Purohit, Group CEO, Sapphire Foods.
“This investment in Sapphire Foods is consistent with our thesis to partner with structurally high growth businesses led by strong management teams,” said Pranav Parikh, Managing Partner & Head, Edelweiss Private Equity.
“We look forward to working with the team at Sapphire Foods towards its vision to be the best in the industry and partner them in their growth journey,” he added.
Sapphire Foods was set up in September 2015 backed by a consortium of Private Equity firms Samara Capital, Goldman Sachs, CX Partners and IDI Emerging. The company 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.
Currently Sapphire Foods provides direct employment to over 8,500 youth across the country through its restaurants.