Mast Kalandar, one of the leading food chain, catering primarily in North Indian Vegetarian food, has raised USD 6 million from Helion Venture Partners and Footprint Ventures. This will be their 3rd round of funding. Helion leads this round with Footprint Ventures as co-investor.
Mast Kalandar, started in 2005 by husband-wife duo of Gaurav and Pallavi, currently has 40 outlets in Bangalore, Chennai, Pune and Hyderabad. The funds raised in this round of funding will be used to grow from existing 40 outlets to 100 outlets in the next 18 months.
Mast Kalandar’s previous round of funding came in October 2010 and now have raised total of USD 11 million (INR 54 crore).
Quick Service Restaurant Market in India
QSR market in India is growing at a healthy pace. Many players are successfully making their debut in this previously fragmented and unorganized market. According to estimates, the total “eating out” market is pegged at Rs. 33000 crore, out of which organized market is roughly 8000 crore rupees garnering one fourth of the entire market. The new QSR companies are tapping this unorganized market and bringing them into organized mode.
QSR Company’s like Kaati Zone, Faaso’s, Goli Vada Pav and Steammo have seen good interest from VC community and have managed to garner good valuations as well.
Mast Kalandar’s Growth
The home delivery, take-away and dine-in options have fuelled the growth of Mast Kalandar in the home meal replacement market. Mast Kalandar chain currently serves two lakh customers every month across its outlets. With over 550 employees, Mast Kalandar operates on a hub and spoke supply chain model that lends itself to standardisation, cost control and scalability.
Hope this funding will help them to make the food better and improve service quality.