Max Ventures and Industries (MVIL) owned by serial entrepreneur Analjit Singh is venturing into the hospitality space with a binding agreement to buy a minority stake in Delhi-based Azure Hospitality, which runs a pan-Asian restaurant chain under the Mamagoto brand, said two people familiar with the development. “Azure Hospitality is raising $10 million in the second round of funding from MVIL and Goldman Sachs,” said the one of the persons.
“MVIL has committed to invest Rs 33.50 crore or $5 million for acquiring 11.2% stake in Azure Hospitality,” the person said. Earlier this January, Singh, 62, the promoter of Max India resigned as chairman of most of his holdings and group companies in a move aimed at inducting professional managers to run his sprawling business empire. The company launched two budget brands — Rollmaal and Speedy Chow — in 2013 to diversify the business. Both are quick service restaurant chains with Speedy Chow focusing on Chinese cuisine and Rollmaal on Indian offerings.