Premium dining venture Massive Restaurants owned by popular chef Jiggs Kalra and his son Zorawar Kalra has recently raised Rs 160 crores (approximately $25m) through a mix of domestic and foreign direct investment from mid-market PE firm Gaja Capital under a primary round, as reported by The Economic Times. With this equity induction, Gaja Capital has become a major minority shareholder in Massive Restaurants (MRPL) with the promoters retaining their majority stake. The transaction also witnessed the partial exit of Everstone’s F&B Asia Ventures (Singapore), the existing foreign investor in MRPL, under a secondary round.

DMD Advocates advised and acted for Massive Restaurants in the transaction led by senior partner Rashi Dhir, principal associate Shivendra Singh, and associates Divay Rastogi and Tarini Gulia.

Khaitan & Co acted as the legal advisors for Gaja Capital in the deal and were represented by associate partner Surbhi Kejriwal and senior associate Parag Bhide.

Phoenix Legal advised and represented existing investor Everstone and was led by partner Saket Shukla and senior associate Aditi Sharma.

Massive Restaurants currently operates its restaurants in several cities in India under the brand names: Masala Library, Farzi Café, Made in Punjab and Pa Pa Ya and will use a majority of the fresh capital raised to meet its expansion plans across more cities in India, the Middle East, and Europe.