Hyderabad startup to raise Rs.60 crore for Indian fast food chain
Red Sprout Foods Private Limited, a Hyderabad-based start-up, plans to raise Rs.60 crore to Rs.70 crore to expand its Quick Service Restaurant (QSR) business under the Hello Curry brand.
Started three months ago with a unique concept of serving Indian food in the fast food format, the firm has already raised Rs.3 crore from SRI Capital in the first round. It currently has two kitchens in IT hubs of Madhapur and Gacchibowli.
Red Sprout director Raju Bhupati and Sandeep told reporters here Thursday that they plan to open two more outlets near the Hitec City.
The firm has divided Hyderabad into six zones and has drawn up plans to open satellite kitchens and the outlets in four zones by the end of the current year.
Bhupati said they would expand the QSR business to Chennai and Bangalore next year and to fuel this expansion the firm plan to have another round of investment by the end of next year.
He claimed that Hello Curry is the first QSR restaurant in the world offering delivery time of 30 minutes within a four-kilometre radius against the industry average of 45 minutes. It hopes this will make it number one choice for customers when it comes to home delivery.
For the customers who walk into the outlets, Hello Curry promises delivery in two to three minutes. With a price range of Rs.59 to Rs.149, Hello Curry is currently offering 10 dishes including five non-vegetarian. The products include biryani, rice with curries and kebabs.
"After a year-long research, we have a unique process to cook any curry within 2-3 minutes," said Sandeep.
They came out with the idea to meet the growing needs of Indian customers to have a quick, affordable and convenient meal options to compliment hectic lifestyle.
Sashi Reddy, founder of SRI Capital, a Rs.100 crore seed stage venture fund, said Hello Curry has the potential to become McDonalds and Dominos of Indian food.
(Posted on 06-03-2014)