Lite Bite Foods, the operator of Asia7 and Street Foods, aims to double its current count of 200 outlets in the next three to five years, with a strategic emphasis on four core brands. The primary focus will be on renowned Indian and Asian cuisine brands such as Punjab Grill, Street Foods, YouMee, and Asia 7, according to company executives.
Rohit Aggarwal, Director of Lite Bite Foods, said, “The kind of growth that is expected in food services – we are trying to maximise that opportunity.”
He mentioned that India’s young population has significantly contributed to the industry’s growth. The increasing trend of dining out or ordering in among the younger population, coupled with many of them entering the workforce soon, has played a crucial role.
“Younger people are eating out far more. Dinner rooms and timings are becoming individualised and kitchens are smaller with nuclear families,” he said.
At the group level, Lite Bite operates 200 outlets, including those situated at airports. The chain aims to concentrate on expanding in tier 1 and 2 markets.
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Aggarwal mentioned that Lite Bite has experienced a threefold increase in revenue growth over the past two years when considering both dine-ins and deliveries.
“Our focus is to make sure we give returns to shareholder value,” he said.
As per a report from consulting firm Wazir Advisors, the organized food services sector in India is experiencing a faster growth rate compared to the unorganized sector. This growth is attributed to the entry of domestic players and increased interest from international businesses. The report predicts that India’s organized food service market will reach $78.8 billion by 2026, up from the current $57.2 billion. The report highlights factors driving this growth, including a higher frequency of dining out, increasing disposable incomes and urbanization, a trend of dining out without specific occasions, and a growing demand for a diverse range of food varieties and cuisines.
“Millennials today exhibit more adventurous eating habits. This trend has been motivating both domestic and international food establishments to expand their menus and reach,” the report said.
The growth is further propelled by factors such as the busy schedules of working individuals, a rising presence of women in the workforce, and an increasing dependence on pre-prepared food.
“This shift is also driving innovations in food service distribution channels, with companies increasingly forming partnerships with online foods service providers to broaden their reach,” according to the report.
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