Matrix Partners India has invested Rs 25 crore in Moods Hospitality Pvt Ltd, parent company of Chinese fast food chain Yo! China. An announcement to this effect was made in the Capital on Wednesday.
Matrix Partners, a consumer services risk capital fund, focuses on early to growth stage businesses in the Internet, mobile, financial services, media and entertainment, food and beverage, hospitality, healthcare, travel and leisure sectors.
Ashish Kapur, Co-Founder and Managing Director, Yo! China, said, “We are delighted to partner with Matrix India for our funding and this financial backing will further accelerate our national expansion plans of opening 200 outlets in the next 3-4 years. We have recently won the bids to have our presence in Delhi and Mumbai airports and plan to extend our brand into multiple formats where we can capture anytime-anywhere availability for the customer.”
Avnish Bajaj, Founding Managing Director, Matrix Partners India, said, “Yo! China is addressing a significant opportunity since Chinese food is the second most popular cuisine in India and so far has not had anyone catering to the vast fast food opportunity. Ashish is a fabulous entrepreneur and has won the ‘Entrepreneur of the Year’ award from the FHRAI. We are tremendously excited about partnering with Yo! China and their team.”
Yo! China currently has 20 outlets. Apart from focusing on opening 200 outlets, the company also plans to increase its footprint from eight cities to 20 cities. The chain doesn’t lay much emphasis on marketing, resorting mainly to word of mouth publicity. It was only in June this year that the company came out with their first print campaign.
Given the ambitious growth plans, the company would be focusing on round the year marketing activities, which would primarily encompass print, radio and outdoors. Television would follow much later, informed Ajay Saini, Director-Operations and Marketing, Yo! China.