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Mar, 03 2015

Serafina to invest Rs 50 crore to open more outlets in India

Serafina is planning to open a restaurant each in Goa and New Delhi, besides expanding in its existing markets such as Mumbai and Bengaluru.

Serafina, the Italian restaurant chain which entered India in 2012 by opening outlet in Mumbai, is planning to invest Rs 50 crore in India, according to an Economic Times (ET) report.

The New York based chain is planning to open five more outlets in the country in the next five years by taking the total number to eight.

"India contributes around 8-10 per cent of our total business currently and there is major growth potential in this country. As founders, we will invest around $2 million (about Rs 12.36 crore) in the future outlets and the rest of the investments will be made by our Indian partner, Global Kitchens,” Fabio Granato, Co-Founder, Serafina told ET.

The restaurant chain has a joint venture with Global Kitchens in India, which also owns restaurant chains including The Irish House, Cafe by the Beach, Haagen and Copper Chimney. It also has a tie up with Hyderabad-based businessman SP Reddy, who launched Serafina in Bengaluru.

Currently, Serafina's outlets are located in Mumbai, Kolkata and Bengaluru. It had shut its outlet at central Mumbai's Palladium Mall in November 2014 owing to poor business at the location and shifted recently to Kala Ghoda.

"In New York, we don't believe in mall and it's more of standalone outlets. While Palladium is one of the best malls in Mumbai, our location in the mall (third floor) did not attract much footfalls," shared Granato.

Serafina is planning to open a restaurant each in Goa and New Delhi, besides expanding in its existing markets such as Mumbai and Bengaluru.

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