According to the industry lobby group, the restaurant sector is expected to contribute about 2.1% to the country’s total gross domestic product, or GDP, by 2021.
The size of the total market, both organized and unorganized, was Rs3.09 trillion in 2016 and NRAI’s estimates take into account a 10% compound annual growth rate. India’s food services industry will be worth Rs4.98 trillion by 2021, according to a report by the National Restaurant Association of India (NRAI), released last year. With a net worth of $2.2 billion, Virwani appeared in the Forbes India Billionaire list for 2016. In 2015, he invested in Bengaluru-based online fashion and lifestyle startup, Styletag. Virwani has made several private investments in other sectors. Hard Rock Café contributed about half of JSM’s revenue in 2015-16, while California Pizza Kitchen accounted for 25-30%. Virwani said that Panda Express will be launched soon and can be part of Embassy’s IT parks, as well as shopping malls and airports. Panda Express is an American casual Chinese restaurant chain. JSM also holds a licence for Panda Express in India, which hasn’t been launched yet. In April 2016, Mint reported on the company’s plan to raise about Rs200 crore from private equity investors. In 2012, PremjiInvest acquired 22% in JSM for $25 million (about Rs150 crore). A PremjiInvest spokesperson declined to comment.įounded in 2004, JSM also runs frozen dessert chain Pinkberry in India and restaurants such as Shiro, The Big Kahuna, street-food inspired restaurant Plus91, casual-dining restaurant Ginger Tiger and Asilo, a rooftop bar in Mumbai. Singh and Mahtani did not respond to phone calls and emails. “The company (JSM Corp.) is currently under cash flow stress and it requires capital for its growth, we strongly believe we can turn around the business because the company has good brands in their portfolio," said Virwani. “It’s a distress sale and there is a lot of debt involved in this transaction," the second person added. The remaining 5% will remain with other investors. Mahtani will retain his 27% stake, said the second of the two people, both of whom declined to be named. According to one of the two people cited earlier, Virwani will buy all of Singh’s and PremjiInvest’s shares, and some from other investors, adding up to a total of 68% in JSM Corp.
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