Chennai

Dindigul Thalappakatti raises ₹260 crore from CX Partners

In one of the biggest deals in the food and beverage space in recent years, home-grown brand Dindigul Thalappakatti Hotels has raised ₹260 crore from CX Partners, a private equity firm. With this funding, the firm, whose roots can be traced all the way back to 1957, intends to scale up its presence nationally and globally and venture into new markets over the next two years.

Officials from CX Partners and Sathish D. Nagasamy, managing director of Dindigul Thalappakatti, could not be reached for comment. According to details gathered from industry sources, it is learnt that M. Vinod Kumar from Advay Capital Advisors, an independent mid-market investment bank focused on advisory services to corporates for private equity fundraising and mergers acquisitions, was the adviser for this deal, while Balachandar R. of Bluekoi Ventures was the adviser from the promoter’s side.

Two sources, who are aware of this deal, said as per the game plan, in the first phase Thalappakatti will strengthen its presence in Kerala, Karnataka and Andhra Pradesh. Expansion would happen in the northern market in the second phase. The next stops would be the east and west zones. “The idea is to have a national presence and simultaneously spread branches in the overseas market,” one of the sources said. The sources also said Mr. Sathish, who is the current managing director of the chain, will continue to run day-to-day operations and will be instrumental in decision- making.

Booming business

The firm has 62 outlets, seven of which are overseas. The kitchens on an average turn out over 4,000 kg of biryani a day. In the last decade, the biryani business has been booming. The organised biryani business in the State is pegged at ₹1,500 crore a year, while the unorganised segment records ₹4,000 crore. The State has over 300 well-known biryani brands, each doing an average business of ₹ 25 lakh a month.

This home-grown brand from T.N. was founded by Nagasamy Naidu under the name Anandha Vilas Biriyani Hotel in Dindigul. Naidu always wore a thalapa (a turban), which, over the years, became synonymous with his brand and people fondly called him ‘Thalappakatti’ Naidu, which eventually became the brand’s name. Thalappakatti biryani is prepared using seeraga samba rice, known as parakkum sittu and the meat is procured from cattle markets of Kannivadi and Paramathi.

Article source: https://www.thehindu.com/news/cities/chennai/dindigul-thalappakatti-raises-260-crore-from-cx-partners/article29747103.ece

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