Restaurant India News: Impresario in Talks for Acquisitions Ahead of Proposed IPO

Impresario Entertainment & Hospitality, the company behind casual dining brands such as Social, Smoke House Deli and Mocha, is in discussions with around six mid-sized restaurant chains and cafés for potential acquisitions. The move is aimed at expanding scale and bringing the businesses under its holding company structure ahead of a proposed public listing in the coming years.

The company, which is majority-owned by India Resurgence Fund (IndiaRF), is pursuing consolidation as competition in India’s food and beverage sector intensifies.

Impresario reported revenue of $95 million (around ₹810 crore) in FY25, an 18% year-on-year increase, as per regulatory filings. The company also turned profitable during the year, posting a profit after tax of $2 million, compared to a net loss of $1.7 million in FY24. Social remains its largest brand, contributing nearly 75% of total revenue.

As of March 31, 2024, Impresario operated 88 restaurants and cafés across brands including Social, AntiSocial, Smoke House Deli, Prithvi Café and Mocha. It has also expanded into delivery-only brands such as Boss Burger, Hung-Li and Lucknowee.

IndiaRF currently holds a 60% stake in Impresario after acquiring shares from Sensational Eatery of Singapore. The investment platform, a joint venture between Piramal Enterprises and Bain Capital Credit, invested ₹550 crore in Impresario in November 2022 to become the majority shareholder. The promoter group holds a 16.4% stake, with the remaining shares held by angel investors, other shareholders and employees through stock options, according to Tracxn data.

The IndiaRF investment followed the exit of consumer-focused private equity firm L Catterton Asia, which had invested in Impresario in 2017 and exited after a five-year holding period. Meanwhile, India’s food services market is expected to grow significantly. A November report by Kearney and Swiggy estimates the market will expand to $120–125 billion by 2030, up from $78 billion in 2025. The report also projects the organised segment to account for 55% of the market by 2030, driven by higher disposable incomes, increased digital adoption, and a growing preference for dining out.