The Pizza Bakery Operator Popo Global Raises Rs 532 Crore from Artal Asia in Its First-Ever External Funding Round
Bengaluru-based restaurant company Popo Global, which operates The Pizza Bakery, Paris Panini and Smash Guys, has raised Rs 532 crore, around $56 million, from investment firm Artal Asia for a significant minority stake, marking the company's first external funding round after nine years of being largely bootstrapped.
Here's the growth story behind this raise. Founded in 2017 by brothers Nikhil Gupta and Abhijit Gupta, Popo Global started with a single Pizza Bakery outlet in Bengaluru and has since grown to 40 outlets across its three brands, all funded internally until now. Unlike a franchise-led model, the company operates its restaurants directly across dine-in, delivery and delivery-kitchen formats, giving it tighter control over quality and operations at every outlet.
The fresh capital has a clear purpose. Popo Global plans to expand its company-owned restaurant footprint beyond Bengaluru and scale its portfolio of food and beverage brands nationally, while continuing to prioritise direct ownership over franchising as it grows.
The investor brings serious food-sector pedigree. Artal Asia is an affiliate of Artal Group, whose global portfolio includes NYSE-listed Mediterranean fast-casual chain CAVA, and 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. That track record of scaling founder-led food businesses appears central to why Popo Global chose Artal as its first institutional partner.
The numbers underline why investors are interested. Popo Global reported around Rs 175 crore in revenue in FY25 and remained profitable during the year, a rare combination in India's often cash-burning restaurant and QSR space, and reports suggest the transaction values the company at roughly Rs 1,100-1,350 crore.
From a single sourdough pizza outlet to a profitable, Artal-backed restaurant group, Popo Global's raise is a reminder that patient, founder-led growth still finds serious capital when the fundamentals are real.
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— Sandeep Raiza