Indian Angel Network (IAN) has made an undisclosed investment in Poncho, a Mumbai-based Mexican quick service restaurant.
IAN investor Kaushal Aggarwal led the round, which also saw participation from investors including Saurabh Srivastava.
Poncho’s outlets are strategically located within the vicinity of corporate parks, targeting young professionals looking to indulge in healthy yet interesting food options, the firm said.
The company has opened six outlets since inception and should reach 15 by the end of the year.
IAN’s investment will enable Poncho to scale up by opening new outlets, strengthening the back-end operations and bolstering its core team.
Amit Raj, co‐founder of Poncho said, “We approached IAN because it has a vast network of investors which will really help us scale our business very quickly.
“Doors have already started opening and with Kaushal being on board, we will now be able to ensure smart operational scale up.”
Kaushal Aggarwal, an IAN member and co‐founder and managing director at Avendus Capital, added, “The Food and Beverage space has lately gained a lot of attention from investors.
“Exclusive services and products are being offered by start‐ups in this sector.
“We are impressed with the uniqueness of Poncho’s concept and offering, which makes it different from other players in this category.”
Copyright © 2012 AltAssets