Dolomite secures ₹50 cr to expand
₹50 crore from existing investors, International Market Management in UK and Hunch Ventures in India. In 2018, Indian venture capital firm Hunch Ventures took a significant minority stake in Dolomite Restaurants, owned by International Market Management (IMM), founded by Dolomite managing director Jasper Reid. This year IMM, Dolomite’s parent, sold its Wendy’s burger chain to Rebel Foods for an undisclosed sum.
With this, the company intends to open at least 20 restaurants this year including a new variant of Jamie’s called Jamie Oliver Kitchen as well as continue its recently announced Jamie’s Cafe partnership with FabIndia. For this venture, both partners are expected to contribute nearly equal amounts. The company will use this to accelerate its growth in the next 12-18 months with a view to become a ₹500 crore topline company over the next few years.
“Our vision is to be India’s most respected and profitable food group. We are very much focused on the café and casual space versus the pure quick-service restaurant format business because we can still offer amazing value and keen pricing but with superior margins and return on capital employed," Reid said. The company will soon be in 15 cities and open new Jamie’s Kitchens in Mumbai, Delhi and Bangalore and Ahmedabad, which will have the first all vegetarian Jamie’s.
Other new cities for Jamie’s will include Kolkata, Amritsar, Jaipur and Coimbatore. “We are focused on finding second and third tier cities which are now ripe for expansion with people who are interested in great value food but with ethically sourced ingredients and nutritional balance," he said. Pre-covid, experts said India’s food services sector would reach ₹4.95 trillion by FY21.
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