American casual dining chain TGI Fridays’ India joint venture partner Bistro Hospitality will dilute stake and raise private equity funding to finance expansion for the first time since it set up the brand in India more than two decades ago, joining the league of restaurant chains that have been attracting external funding on the back of a revival of India’s consumption story.
Bistro Hospitality, which operates an existing network of 11 TGI Fridays outlets in the country, has appointed Centrum Capital as its investment banker. India will be the launch market for The Fridays American Bar. The plan is to roll out five outlets a year starting with three bars and two Fridays bars next year. The smaller format bars, TGI Fridays’ second brand in India, are being set up in response to rapidly changing consumer demographics, growing number of millennials and urbanisation.