Author Archive for Avnish

Matrix India invests in Yo! China

Matrix Partners India invests in Yo! China
~ 25 crore investment to scale India’s first and largest Chinese fast food chain ~
~ Yo! China wins contracts for Delhi and Mumbai airports ~

Mumbai, November 28, 2006: Matrix Partners India (MPI) has invested Rs. 25 crore in Moods Hospitality Pvt. Limited, parent company of Yo! China, which is India’s first and largest Chinese fast food company with 20 operational outlets. MPI is India’s first consumer services risk capital fund and focuses on early to growth stage businesses in the Internet, mobile, financial services, media & entertainment, food & beverage, hospitality, healthcare, travel & leisure sectors. MPI co-founded by Avnish Bajaj & Rishi Navani with Matrix Partners US, strives to be the trusted partner providing risk capital to build market leading consumer services companies. With this investment, Avnish Bajaj has joined the Board of Directors of Yo! China.

Commenting on the occasion, Ashish Kapur, co–Founder & Managing Director, Yo! China said, “We are delighted to partner with Matrix India for our funding & this financial backing will further accelerate our national expansion plans of opening 200 outlets in the next 3-4 years. At the outlet level we have successfully created a ‘yummy’ and exciting experience which is validated by overwhelming guest footfalls. We have also invested crucial time in building knowledge around the processes and supply chain required for successful and consistent scale up. 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 2nd 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. He and his co–founders have built a great customer experience of authentic, high quality and consistent Chinese food at low prices and have combined with it rigorous systems and processes to scale this nationwide. We are tremendously excited about partnering with Yo! China and their team”

With 20 outlets offering sumptuous Chinese fare across the country, Yo! China is rearing to go in a major expansion mode to be a significant player in the fast growing restaurant market. Dimsum is the restaurant specialty with over 4 million sold. The Chowmein Box is another hero product which is a filling meal at Rs. 20/- and served in an international styled ‘on the go’ packaging. Yo! China is one of the rare retail chains which has grown over 200% in topline with the company being profitable from day one.

About Matrix Partners India
Matrix Partners India, co-founded by Avnish Bajaj & Rishi Navani along with Matrix Partners US, is focused on being the trusted partner in providing risk capital to build market leading consumer services companies. Matrix Partners India invests $10 million +over multiple rounds with an initial investment ranging from $500K to $10 million in consumer services businesses targeting the Indian market in the Internet, mobile, financial services, hospitality, food & beverage, media & entertainment, healthcare, travel etc. sectors. The fund’s investors include leading US university endowments & family foundations. Further information is also available at www.matrixpartners.in

About Yo! China
Yo! China is India’s first and largest Chinese fast food chain. With its tagline of ‘Chinese food. Chinese Prices’, Yo! China aims to deliver high quality Chinese food at very reasonable prices served in an international ambience. The restaurant offers fast service and a child friendly atmosphere. For this achievement of creating a national brand which offers an international experience, Yo! China and its management have been awarded various accolades like: ‘India Today – Young Achievers of 2006’, ‘CNBC – Young Turks’, ‘Times of India – Chinese alternative to McDonalds’, ‘HT City Eating Out Guide – Best Fast Food Chain’ etc. The restaurant chain has outlets in trendy locations across the country in the following cities – Delhi, Gurgaon, Noida, Ghaziabad, Chandigarh, Dehradun, Pune, Bangalore, Mangalore & Hyderabad. For further information tap on to www.yo-china.com

Matrix Partners India Launches $150 Million Fund

First Consumer Services Risk Capital Fund in India

Matrix Partners India, co–founded by Avnish Bajaj and Rishi Navani in partnership with Matrix Partners US, today announced the closing of its first fund. The $150 million, multi-sector, multi-stage fund will focus on early to growth stage businesses in the Internet, mobile, financial services, media & entertainment, healthcare, travel & leisure etc. sectors. The first fund of its kind in India, it aims to partner with entrepreneurs to build market leading companies in the consumer services domain. The fund was heavily oversubscribed and current investors in the fund include leading US university endowments and family foundations.

“Matrix Partners is the first leading venture capital firm to establish a fund in India,” said Paul Ferri, Founding Partner of Matrix Partners US. “The Indian economy is in a very exciting phase and Matrix Partners’ is looking forward to participating in the region’s growth story.”

“As co–founders of Matrix Partners India, Avnish and Rishi bring incomparable experience in working with India-based companies in the consumer services sector,” said Timothy A. Barrows, Managing Partner of Matrix Partners US. “We have the ideal team in place to help Matrix Partners continue its strong legacy of building the best-performing companies and long-term relationships with talented entrepreneurs.”

Domestic entrepreneurs would benefit from the rich experience of the Indian founders and the strong company–building expertise of Matrix Partners US. Avnish’s entrepreneurial experience (co–founder, Chairman & former CEO of India’s largest online marketplace Baazee.com, acquired by eBay) and Rishi’s venture and domain experience (former Managing Director at WestBridge Capital Partners) provides the ideal background to help entrepreneurs realize their ambitions. Matrix Partners US also brings to bear its experience as the top performing venture firm over the past two decades with assets under management of more than $3 billion.

Avnish Bajaj, Founding Managing Director, Matrix Partners India said, “Matrix Partners India is focused on presenting a unique proposition to the emerging businesses in the consumer services sector. We believe that the founding team has an unparalleled competency to recognize and support potential market leading companies in this sector. By leveraging on Matrix Partners’ proven approach to investing, we are determined to emerge as the trusted partner of choice for Indian entrepreneurs.”

“The domestic consumer services industry is the key driver of India’s Gross Domestic Product growth. The industry is set to witness an era of innovative business models and significant value creation. We are delighted to partner with Matrix Partners, and appreciate the overwhelming support from our marquee investor base,” added Rishi Navani, Founding Managing Director, Matrix Partners India.

About Matrix Partners India
Matrix Partners India, co–founded by Avnish Bajaj & Rishi Navani along with Matrix Partners US, is focused on being the trusted partner in providing risk capital to build market leading consumer services companies. Matrix Partners India invests $10 million+ over multiple rounds with an initial investment ranging from $500K to $10 million in consumer services businesses targeting the Indian market in the Internet, mobile, financial services, media & entertainment, healthcare, travel etc. sectors. The fund’s investors include leading US university endowments and family foundations. Further information is available at http://www.matrixpartners.in