Adar Poonawalla – the son of the community’s leading tycoon and one of the foremost names in the Indian and global pharma industry – the founder of Serum Institute of India, Cyrus Poonawalla – made his debut investment in India’s Food Service Sector. Adar has acquired a stake in a specialty coffee in biscuits, founded by former investment banker and his brother-in-law.
Some years ago, Adar, CEO of the Serum Institute of India, the world’s largest vaccine manufacturer, acquired a stake in Pune’s Ritz-Carlton hotel. He has invested around Rs 12 crore in Sweetish House Mafia, which began in 2013 with Neha, a self-taught baker, who sells cookies in a Tata Nano in emerging locations in Mumbai. A year and a half later, the partners established the first physical store in Mumbai. Currently, there are 12 points of sale in the big cities.
Reportedly, the funds will be used to strengthen their existing presence and enter new cities. Investments will also be made to expand their range of gourmet cookies. The biscuit business in India, worth Rs 14,500 million, is growing at a compound annual growth rate of 10%. The food service sector has attracted more than $ 3 billion of venture capital (VC) and private equity money in 12 years, according to a 2019 report from the National Restaurant Association of India.
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