Private Equity Eyes Up Indian Fast Food Industry

当老将投资者萨克拉州决定加入印度快餐链的私募股权公司的筏子时，他已经计算出了一个土着食物链，服务于本土素食票价，这些食物连锁店将在长远而不是营销中证明更有利可图McDonald’s or KFC, however ‘Indian-ized’ its Western grub.

The stakes of Saxena’s wager are high. India’s $13 billion fast food industry, led largely by internationally recognizable Western brand names, is growing at a rate of 30 to 35 percent per-year, according to 2011 reports by RNCOS and Research and Markets.

4月4月，纽约新款丝绸路线增长资本，2006年由萨克拿共同创立的14亿美元的私募股权公司，在Vasudev Adiga获得了大多数股权，这是一个快餐系列，位于班加罗尔12间餐厅。2013年3月，亚洲集中私募股权公司计划在卡纳塔克邦及其财政年度末，在喀纳特卡州和其他邻国境内开发20份adiga商店，同时在未来三年内向全国范围内发展40至50家商店。最初的投资从1亿美元的持有公司NSR举行，该公司在印度食品和饮料公司投资，其中2010年的咖啡馆咖啡日。NSR在咖啡公司投资了7500万美元，现在拥有1,300家商店超过120个印度城市，使其成为印度最大的连锁店。

当NSR看着食物链投资for its next venture, it wanted to find “something that could do well nationally,” says Saxena, NSR’s current CEO and the former CEO of Invesco Private Capital, one of the original backers of Starbucks.

“Vegetarian fare is very popular in India,” says Saxena, who met with close to 50 Indian fast food chain groups before settling on Adiga. Saxena’s selection process took note of four factors: market segment, management, valuation, and product offering. Essentially, he wanted a chain that would offer “quick, reasonably priced meals”; a company willing to add or replace management based on what NSR saw fit; a chain that had potential to expand; and cuisine that would have a national appeal, be it southern, classic northern (what is largely served at Indian restaurants in the West); or Indian Chinese food.

Saxena建议，NSR是北方印度美食的快餐连锁店，这是一款北方印度美食的快餐连锁店，这是一款北方印度美食的快餐连锁店。最终，由于“权威性”，Adiga赢了。萨克拉纳说，这是最愿意增加或取代管理层，并具有“规模，估值和增长的平衡”。

Adiga serves traditional south Indian food, including dosa, crispy pancakes made with rice and lentils, and puris, deep fried Indian bread — what Saxena calls “fried carbohydrates with carbohydrates on the side.” Adiga was an attractive investment, Saxena explains, because there is a “growing need for prepared food” in a country where people have traditionally relied on home cooked meals, shared with generations of family members. Saxena cites three factors driving this burgeoning need: the breaking down of large, extended families living under one roof, coupled with the fact that young Indians are increasingly willing to move away from their families; that women — the customary chefs in the Indian home — have been entering the workforce; and the growing urbanization of Indian society.

NSR绝不是第一家私募股权公司成功投资土着印度食品链。2008年，投资于基于班加罗尔的KAATI区的扩张投资的谷歌支持的巧克力风险基金。与此同时，2011年，纽约的印度股市伙伴在印度北部的基于北部的Sagar Ratna购买了大多数股权。

总部位于香港和德里的苏比夫合作伙伴和基于孟加拉的Glix证券分别于2007年和2010年投资于特色餐厅，其中监督印度几家热门食品链，包括哦！Calcutta，中国大陆和SIGree。总计，专业在112个品牌上运营82个网点。该公司于5月推出了3400万美元的首次公开发行，是“我们正在走向的类型的模型”，Saxena说。

专业是印度食品链的第二次运营商，遵循2010年的Jubilant GoodWoods的唯一运营商在印度的唯一运营商2270万美元。JP摩根和印度私募股权基金 - 追逐资本合作伙伴和oppenheimer之间的合资企业 - 在发售后销售其在喜庆中的31％的股份，其原始投资率近五倍。

Saxena concedes that the rapidly expanding Western chains in India — including Domino’s, KFC, McDonald’s, Pizza Hut, and Subway — have certain advantages over the homegrown fast food variety. Most crucially, Saxena says, the Western companies “know how to multiply rapidly,” to replicate and scale up. But, he cautions, they “may or may not have the right blend of food” for Indians or “be attuned to what Indian people eat every day.” He notes that it took six years for McDonald’s to refine its menu by serving chicken burgers, rather than Big Mac’s in a country that does not consume much red meat.

Still, there are numerous Western fast food chains throughout south and east Asia, including McDonald’s, that have ultimately been effective in catering to local palettes. “It’s really all about adaptation and understanding the local infrastructure and the local consumer,” says Peter Yu, managing partner at New York-based Cartesian Capital. The private equity firm last month announced plans with the Turkish Kurdoglu family to help Burger King open 1,000 new stores in China over the next 5 to 10 years. Cartesian and Kurdoglu invested in the Burger King franchise in Turkey in 2010, and have since opened over 650 restaurants there, by “including in the menu much spicier flavors in order to cater to Turkish tastes,” Yu says.

But Saxena believes his success with Cafe Coffee Day proves he has the winning business plan to make Adiga and other indigenous fast food chains a hit in India. According to Saxena, Adiga is comparatively “very inexpensive” to its Western competitors — it costs less than 30 cents for a dosa and a side dish of lentils, compared to about $3 for a McDonalds chicken burger. Ultimately, Saxena’s long-term bet is that the Indian “man on the street” will choose an Adiga over a McDonald’s. Explains Saxena, “It has less risk, with a cuisine for mass appeal.”