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 India invests in Yo! China - November 30, 2006
- Matrix Partners India Launches $150 Million Fund - August 5, 2006
As per my information, I always used to wonder when would organised players start looking at funding restaurants and similar chains and it seems you are starting the same.
Thanks for the invite. I’ll be there in a minute (I am crazy about Chinese food too). There are several excellent authentic Chinese joints in town, such as Beijing, Cascade, Canton and Chung King (which is run by a Calcutta Chinese guy), but no national chain: Wang’s Kitchen is the closest to a chain and their food sucks.
In fact, Chennai is one place where all the cuisines of the world meet. I am sure dimsums will be a big hit here (perhaps you can popularise momos too).
I wish you all the best and Godspeed to the first Yo! China Chennai outlet.
Cram – In the South we are already in Hyderabad, Bangalore and Mangalore. We have been looking at Chennai and now with your validation of the Chinese food market in the city we will be there shortly! Will give you a shout when we are opening so you can be one of the food tasters!
The Yo! in Yo! China is part of the energy that the outlets and brand stands for. We have done away from the standard dragon and old chinese motifs. Instead the outlets are bright yellow and red with display kitchens.
It’s high time _good_ Chinese food is sold at places other than those mini-vans!
Congrats, Avnish. Does Yo! China have plans to come to my city, Chennai? There’s currently a big boom in eating out in Chennai. And the folks here are crazy about Chinese food. I’m sure there’s room for another Chinese chain.
BTW, Yo! China sure is a strange name: hip-hop meets the Dragon.