IndiGo owner InterGlobe to take control of Mamagoto parent Azure in $15M deal
What's the deal? InterGlobeDealroom has a profile for this one. Try Dealroom → Enterprises, the promoter of India's largest airline IndiGo, is set to acquire a controlling stake in restaurant operator Azure Hospitality for $15 million, people familiar with the matter said. The transaction combines a purchase of shares from existing investors with a fresh capital infusion, and is expected to close at the end of September.
Who's involved? Azure, founded in 2009, runs Pan-Asian chain Mamagoto, Dhaba Estd. 1986, and Sly Granny, alongside Foxtrot, Speedy Chow and Roll Maal. Co-founders Kabir Suri and Rahul Khanna are expected to stay on.
Why now? Azure is looking to recapitalise. The fresh funds are earmarked for working capital, existing liabilities and expansion, the people said.
Backers Goldman SachsDealroom has a profile for this one. Try Dealroom → and Max VenturesDealroom has a profile for this one. Try Dealroom →, which have supported Azure since 2015, are expected to partially exit. InterGlobeDealroom has a profile for this one. Try Dealroom → is likely to be joined by two other investors.
What's the endgame? The deal widens InterGlobe's footprint in hospitality and food services. It already operates fine-dining restaurant China ClubDealroom has a profile for this one. Try Dealroom → in Gurugram and runs AccorDealroom has a profile for this one. Try Dealroom →'s Ibis hotels in India through InterGlobe HotelsDealroom has a profile for this one. Try Dealroom →, a joint venture set up in 2004.
That partnership is being restructured to target 300 hotels by 2030. In August, group managing director Rahul Bhatia said the company wants to be "one of the leading hospitality firms in India."
What could go wrong? Azure's financials have weakened. Revenue peaked at US$21.5M in FY23, then fell to US$20.2M in FY24 and US$17.2M in FY25. Net losses widened from US$2.38M in FY23 to US$5.8M in FY24, before easing to US$5.2M in FY25.
The signal: The deal marks a diversification bet for a group best known for aviation, as it pushes deeper into India's fast-evolving consumption economy across dining and hotels.
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Image credit: Generated with Gemini
