Food services company SKFS Group has acquired Mirah Hospitality & Gourmet, owner of Rajdhani, Bayroute, and Hitchki, for INR 80 crore.
Looking to scale up the business nationally – Chairman, SKFS
While talking to ET, SKFS Group Chairman Dinakara Shetty stated, “We are looking to scale up the business nationally; we see this as a strategic acquisition to take forward our food services business, with fresh investments in upgradation of our existing outlets.” He added that the group’s existing business verticals “will align and synergise well” with the acquired brands.
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Further, Aji Nair, CEO of Mirah Hospitality, said, “We are looking to expand Mirah Hospitality pan-India and are exploring adding two new brands under the new ownership. Overseas expansion is also on the cards.” Mirah Hospitality operates 30 outlets and will become a 100% subsidiary of SKFS Group.
Founded over three decades ago, SKFS Group operates restaurants in hotel chains like Marriott and Ramada, and provides premium corporate catering. The INR 350-crore company aims to leverage this acquisition to strengthen its foothold in the market.
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Recent months have seen increased deal activity in the food and beverages sector, driven by local competition and global brand influx. Notable deals include Tiger Global-backed Chaayos acquiring Dohful, and Devyani International signing franchisee deals with global cafes.
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Meanwhile, Devyani International has secured exclusive master franchise rights for Tealive, New York Fries, and Sanook Kitchen. Tealive is a Malaysian tea chain with over 900 global outlets, while New York Fries is a Canadian multi-channel restaurant chain. Sanook Kitchen offers Thai and Asian cuisine.
According to the National Restaurant Association of India, the Indian food services market is valued at INR 5.69 lakh crore in FY24 and is projected to grow to INR 7.76 lakh crore by FY28. This growth is driven by a rising middle class, increasing dine-out propensity, and aspirational demand from tier-2 and tier-3 locations.
Further, the acquisition is expected to enhance SKFS Group’s presence in the market, while Mirah Hospitality expands its reach across India and internationally.
