Having over 100 outlets pan India and aiming for global expansion, a food outlet company Lite Bite Foods, is reportedly, planning to raise INR 500 crore from private equity players.
While, the funds will be used for Lite Bite’s Indian and international expansion and the company will divest a small stake, reported ET.
The expansion of Lite Bite Foods will include opening Punjab Grill in India and overseas along with their other casual dining brands You Mee and Barbeque by Punjab Grill.
The firm Lite Bite Foods also plan to expand their presence in the quick service restaurant (QSR) segment by opening Zambar Tiffins, Asia 7 Express and Street Food by Punjab Grill at malls and neighbourhood markets in tier-1 and -2 cities.
Lite Bite Foods (Lite Bite Foods) started its services in 2001 and was founded by Rohit Aggarwal. Headquartered in NCR, LBF is, one of the largest and most dynamic F&B Retail companies in the country with over 8 core brands.
Over the last decade, LBF has been credited with having introduced some novel, unique concepts in the rapidly growing F&B Retail space under the Fine Dining and Casual Dining restaurant verticals.
As per the LBF, it has emerged as one of the fastest growing organizations in its domain and one of the few to have stepped beyond Indian shores.
The company claims to have over 50 locations currently operational under the Group, LBF aims to become a INR 5 Billion organization by 2014, with over 300 operational locations under its existing three verticals – Quick Service, Casual Dining and Fine Dining restaurant concepts, both within India as well as overseas.
Aggarwal said the company plans to open at least 45 outlets every year for the next five years.
The company LBF is expecting a revenue of Rs 310 crore for the financial year 2019-20 from its 110 outlets through retail business only.
The airports business contributes almost the same amount to company’s revenue, making it one of the biggest self-funded food and beverage enterprise.
“Domestic and international retail food business offers a lot of scope in newer markets and we plan to expand our presence in the next five years. We plan to open 40-45 outlets per year for next five years,” Aggarwal said.