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Azure Hospitality raises 10 million dollars to fuel expansion

As per an official release by Azure Hospitality Private Limited, owner and operator of leading Pan Asian restaurant brand Mamagoto, the company has raised funds worth US $10million from Goldman Sachs, a leading global investment bank and active investor in India, and Max Ventures, a holding company formed recently through a three-way demerger of the erstwhile Max India Ltd, to fuel the company’s growth both in India and select overseas markets.

The company had raised US$10million from Goldman Sachs alone last financial year. Since then, Azure has diversified within the food sector and acquired the popular restaurant chain ‘Dhaba by Claridges’ and is also organically incubating boutique concepts for upcoming outlets set to open towards the end of 2016. According to the release, the investments will be used not only to expand Azure’s presence in India but also to enter select markets abroad.

By the end of 2016, Azure Hospitality aims to launch over ten new outlets across the country while foraying into newer local markets as well. Established in 2009, Azure is a creative food company co-founded by food and hospitality focused entrepreneurs Kabir Suri and Rahul Khanna. Azure’s portfolio has been developed to offer a distinct mix of carefully curated food and beverage offerings with intrinsic quality and international appeal. Azure has seen a revenue growth of over 50 percent year on year in the last six years.