Popo Global Private Limited has secured a ₹532 crore strategic investment from Invus Group through its affiliate, Artal Asia Pte. Ltd. The transaction marks the first time the Bengaluru-based multi-brand restaurant platform has raised external institutional capital, with three law firms advising across both sides of the deal. Shardul Amarchand Mangaldas & Co., Argus Partners, and TT&A (Talwar Thakore & Associates) acted as legal counsel.
Introduction
Bengaluru-based Popo Global is a multi-brand restaurant platform operating popular food and beverage brands, including The Pizza Bakery, Paris Panini and Smash Guys. The company secured the ₹532 crore investment from Artal Asia in exchange for a significant minority stake. TT&A confirmed that Artal Asia Pte. Ltd. is the investment vehicle through which Invus acts as the global investment advisor.
Founded by brothers Abhijit Gupta and Nikhil Gupta, Popo Global started with The Pizza Bakery in Bengaluru in 2017 and has since expanded its portfolio with Paris Panini and Smash Guys. The company has since grown into a three-brand restaurant group with more than 40 outlets, operating its restaurants directly rather than through a franchise-led model.
Deal Value
The transaction was valued at approximately ₹532 crore, with Popo Global Private Limited valued at approximately ₹1,500 crore. The investment was structured as a significant minority stake acquisition. Further details of the transaction structure were not disclosed.
Legal Teams Involved
Three law firms advised on the Popo Global Invus Group investment, with Shardul Amarchand Mangaldas & Co. and Argus Partners acting for the company side, and TT&A acting for the investor.
Shardul Amarchand Mangaldas & Co. — Advising Popo Global and its Founders
Shardul Amarchand Mangaldas & Co. advised Popo Global and its Founders Nikhil Gupta and Abhijit Gupta on this transaction. The transaction was led by the following team:
- Navruz Vakil — Partner
- Alena Nari Advani — Consultant
- Daksh Hemnani — Senior Associate
- Vidhi Shah — Associate
Argus Partners — Advising Popo Global and its Founders
Argus Partners also advised Popo Global and its founders on this transaction. The transaction team consisted of the following:
- Neha Madan — Partner
- Mishika Bedi — Associate
- Kieran Correia — Associate
TT&A (Talwar Thakore & Associates) — Advising Artal Asia Pte. Ltd.
TT&A advised Artal Asia Pte. Ltd. — of which Invus is the global investment advisor — on this investment. The transaction team consisted of the following:
- Gautam Saha — Joint Managing Partner
- Sachin Mehta — Partner
- Harshit Chandra — Partner
- Sinjini Majumdar — Managing Associate
- Kashish Singhal — Senior Associate
- Sangita Sharma — Associate
- Vedangshri Vijay — Associate
Significance and Impact
The investment is Popo Global’s first external funding round; the nine-year-old company has largely been bootstrapped since its founding. The scale of the raise — and the profile of the investor — underscores growing institutional appetite for India’s organised food and beverage sector.
The transaction represents a significant private equity investment in India’s rapidly expanding organised food and quick-service restaurant sector. The investment is expected to support Popo Global’s continued expansion and scaling of its portfolio of differentiated food and beverage brands, while providing a platform for further growth in India’s increasingly organised and premiumised restaurant market.
Artal Asia is an affiliate of Artal Group, whose global food investments include NYSE-listed Mediterranean restaurant chain Cava. In India, the group previously backed Capital Foods — the company behind Ching’s Secret and Smith & Jones — for more than a decade before its acquisition by Tata Consumer Products. The dual representation of Popo Global by both SAM and Argus Partners reflects the structurally complex nature of a first-time institutional capital raise for a founder-led, bootstrapped platform.
This deal can be tracked alongside comparable food and beverage investments on the Deal Meter.
The ₹532 crore Popo Global Invus Group investment marks a significant milestone for India’s organised restaurant sector, closing the company’s first-ever round of external institutional capital after nearly a decade of bootstrapped growth. Three prominent law firms — Shardul Amarchand Mangaldas & Co., Argus Partners, and TT&A — collectively deployed thirteen lawyers across both sides of the transaction. The deal signals continued investor confidence in India’s premium, multi-brand food and beverage platforms.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
