Cybiz Corp has recently raised $2 mn to expand Carl\'s Jr restaurants from group of PE investors and aims to raise $20 Million in tranches for the companyâ€™s goal to expand the Carlâ€™s Jr brand to 100 restaurants.
By RI Bureau
Cybiz BrightStar Restaurants, which holds the master franchise of Carl’s Jr burgers in India, has raised an undisclosed amount from cricketer Yuvraj Singh’s venture YouWeCan Venture.
Carl’s Jr which is opening its first restaurant in Delhi today is targeting at opening around five outlets this year.
"We're looking at opening about five restaurants in the current calendar year and between about 10 restaurants by the end of the fiscal year," shared Sam Chopra, Chairman, Cybiz Corp.
Meanwhile, Yuvraj Singh will also be working as a brand ambassador to the company in India.
According to a national daily, You-WeCan Ventures is said to have put in about Rs 4 crore in the burger chain.
“The QSR space, especially burgers, has caught my attention in the last few months as the space has got a good response from Indian consumers. This is my first foray into this space and I am delighted to partner with an international brand of this repute," added Singh.
However when called, Nishant Singhal, cofounder and chief investment officer of YouWeCan Ventures, and Sam Chopra, chairman of Cybiz Corp, refused to share anything on the deal at this point of time.
Cybiz Corp has recently raised $2 mn to expand Carl's Jr restaurants from group of PE investors and aims to raise $20 Million in tranches for the company’s goal to expand the Carl’s Jr brand to 100 restaurants.
According to the reports, it is also estimated that the group has raised $3 million-$4 million till date at a valuation of about $30 million.
“We are planning to raise Rs 180- Rs 200 crore over the next two years,” added Chopra.
Other investors in the company include New Delhi-based Now Foods and Elara Capital. Cybiz BrightStar will use the funds to expand operations.