New Delhi: Now, a restaurant that will primarily target and cater to the millennials. Lite Bite Foods Pvt. Ltd, which owns restaurant chains like Punjab Grill, Zambar and Asia Seven, is planning to open a new chain—Punjab Grill Tappa—targeting the millennials.
The first outlet is set to open in Gurgaon this month and the second will come up at Connaught Place in central Delhi over next three months, Amit Burman, chairman, Lite Bite Foods, said.
In the first year, Burman said, the company hopes to open Punjab Grill Tappa across major metros. “Punjab Grill Tappa will offer a new, trendy Indian going-out experience, and the format will relook at North Indian cuisine through a global lens to cater to evolving consumer preferences, especially the youth,” said Burman. Over next three years, the company will invest about Rs.30-35 crore in Punjab Grill and Punjab Grill Tappa.
At present, Lite Bite Foods runs 120 restaurants under different casual dining and quick service restaurant brands. The company also has franchise agreements with a few international brands.
Burman said the company has been growing at 25% year-on-year and targets to close the current fiscal year with a revenue of Rs.225 crore. During the year, Lite Bite Foods will add 30 new outlets.
Meanwhile, the company has started expanding Punjab Grill and American Tandoor in international markets through franchise agreements, including at places like Singapore, Bangkok, Washington, Jeddah and Abu Dhabi. Burman said the company has developed American Tandoor to cater to markets like the US where it can introduce Indian cuisine to consumers who are not Indian. International markets are likely to be the growth driver in future, said Burman.
Lite Bite Foods also operates restaurants at international airports under a bunch of international brands. Travel retail accounts for about 40-45% of Lite Bite Foods’ annual revenue.
India’s food services market is projected to grow to Rs.4.98 trillion by 2021, expanding at an annual growth rate of 10%, from Rs.3.09 trillion in 2016, according to India Food Services report 2016 by industry lobby National Restaurants Association of India (NRAI) and consulting firm Technopak Advisors Pvt Ltd.