The company behind The Pizza Bakery, Paris Panini and Smash Guys plans to use the fresh capital to widen its restaurant footprint in India while continuing to operate outlets directly rather than relying on a franchise-led model.
Popo Global, the restaurant company behind The Pizza Bakery, Paris Panini and Smash Guys, has raised Rs 532 crore, or about $56 million, from investment firm Artal Asia. The funding gives the company fresh capital to expand its restaurant network across India and build out its portfolio of food and beverage brands.
Rather than expanding primarily through franchise partners, the company operates its restaurants directly. That structure allows Popo Global to maintain control over operations across its outlets, an approach it has followed while building its presence in both casual dining and quick-service restaurant segments.
From The Pizza Bakery to a broader restaurant portfolio
Brothers Abhijit Gupta and Nikhil Gupta started Popo Global with The Pizza Bakery in 2017. Since then, the company has expanded the brand and added Paris Panini and Smash Guys to its portfolio.
The Rs 532 crore investment now gives Popo Global additional resources to take that multi-brand strategy further. The stated plan is to increase its restaurant footprint across India while continuing to develop its food and beverage portfolio.
That makes the funding round more than a capital raise for a single restaurant chain. Popo Global is building around several concepts while retaining direct control of its outlets, making expansion of the broader operating platform central to its next phase.
Funding follows earlier talks around a Rs 500 crore round
Popo Global has not disclosed further details of the transaction.
Moneycontrol had previously reported that the company was in discussions with global private equity firm Invus Group to raise about Rs 500 crore. That proposed transaction was expected to value Popo Global at roughly Rs 1,100 crore.
The latest disclosed investment, however, is Rs 532 crore from Artal Asia.
Popo Global was profitable in FY25
The company reported revenue of around Rs 175 crore in FY25 and remained profitable during the year, according to figures attributed to Moneycontrol.
The combination of profitability and fresh capital gives Popo Global room to pursue expansion without changing the operating model that has defined its growth so far.
Its next challenge will be translating that capital into a wider national footprint while managing the greater operational demands that come with company-owned restaurants. For now, the strategy is clear: expand the restaurant network, strengthen the existing portfolio and continue building brands under direct operational control.
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