41% of restaurants don't ever make any store-level profits and shut down within three years of opening.
Restaurateurs said this move will result in at least Rs 20 lakh worth of spirits going down the drain every month.
In 2017, private equity fund Gaja Capital invested Rs 160 crore in Massive Restaurants. The restaurant chain, founded in 2013, previously raised Rs 60 crore from Everstone Capital that has also invested in Burger King India.
The company has also purchased the Gelato Italiano brand from Everstone Capital as part of a deal by acquiring a majority stake in Pan India Food Solutions.
The money will be deployed to expand the business across India, said its co-founders Divij Talwar and Gautam Malhotra.
Ebix is holding discussions with a consortium of lenders led by State Bank of India, the people said.
Players coordinate on Whatsapp and show up at the designated hour for warm-up followed by an hour or 90 minutes of competitive amateur games.
The company’s previous investors include Zomato co-founder Pankaj Chaddah, MindTickle co-founder Mohit Garg, Max Healthcare CEO Rajit Mehta, and OYO New Real Estate CEO Rohit Kapoor.
Travellers opt for adult-only resorts to relax and rejuvenate from their daily routine.
Being fashion forward: Nykaa will diversify, but does Falguni Nayar have enough ammunition to make it big?
The seven-year-old specialised online beauty retail venture has added fashion to their forte.
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