Impresario plans to clock over ₹1,000 cr inocme in 3 years
Impresario Entertainment & Hospitality, which owns the brands Social, Mocha and Smoke House Deli, expects to reach more than ₹1,000 crore in revenue in the next three years with 100 new outlets across the country, said chief executive officer Mayank Bhatt.
The company received a fund infusion of ₹50 crore from India Resurgence Fund (IndiaRF) this month.
“We’re looking to close the current financial year at upwards of ₹550 crore in revenue. Impresario as a whole has seen a strong first half of the fiscal year and we’re carrying that momentum over into quarter three as well,” said Bhatt.
“The first half of the financial year saw a 15% growth in revenue for like-for-like outlets, as compared to the pre-Covid times, and the growth is poised to sustain itself this quarter too,” he told ET.
Impresario has more than 60 outlets across 17 cities, with the Social and Smoke House Deli count standing at 35 and 11 outlets, respectively.
“This year itself we’re looking to add about 12 new outposts and enter Dehradun with both Social and Smoke House Deli,” said Bhatt. “For Impresario as a whole, Social and Smoke House Deli, our two marquee brands, will be leading the charge in terms of business growth and geographic expansion.” Bhatt was earlier the business head of Social.
“We will also be looking into expanding our delivery business. This includes not only Social and Smoke House Deli, but also our cloud kitchen brands like Boss Burger and Lucknowee, using our existing network of stores across the country,” he said. The company has also elevated Satyajit Dhingra to the post of chief business officer. Dhingra has played a pivotal role in the expansion of Mocha.
India Resurgence Fund, promoted by Piramal Enterprises and Bain Capital, announced an investment of ₹550 crore in Impresario Entertainment and Hospitality on November 14. Following the transaction, India Resurgence Fund has become the majority shareholder of Impresario. Bhatt said the infusion gives the company plenty of capital to actualise its growth plans and focus on “pan-India expansion”. He said the blurring lines between metro and non-metro present “dynamic” growth opportunities.