Navis acquires full ownership of Indian fast-food Chain “Nirula’s”

After buying out Nirula’s’ co-owner Samir Kuckreja’s stake, Malaysia-based private equity Navis Capital Partners has taken complete control of homegrown fast food chain Nirula’s.


  • Among the first fast-food chains in India which made ‘big boy burgers’ and ‘hot chocolate fudge’ famous.
  • It also pioneered the concept of family-style restaurant when it opened its first outlet in Delhi in 1934.
  • With sales estimated at Rs. 100 crore, the 77-year-old Nirula’s operates largely on the franchisee structure, mainly in the Northern states.
  • The chain’s 80-odd stores include dine-in restaurants, pastry shops, ice-cream parlours, hotels and coffee shops.
  • Navis bought Nirula’s for close to 90 crore in 2006. Post-acquisition, it invested Rs. 30 crore directly, while another Rs. 20 crore was infused by the franchisees for store rollouts, equipment and kitchens.

Why Naruala’s could not could not capitalize on its first mover advantage in India?

  • Over the years, Narula’s could not capitalize on its first-mover advantage and began losing ground to multinational fast food chains such as Yum Foods’ Pizza Hut and McDonald’s, which started investing heavily in India.

As per a white paper by the National Restaurant Association of India, the restaurant industry is estimated at Rs 7000-8500 crore with organized players accounting for a meagre 2-3% of the overall business.



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