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All restaurants in 5-star and 4-star hotels in Delhi will now be allowed to operate round-the-clock, according to the new licensing norms aimed at boosting the national capital's night economy. Lieutenant Governor V K Saxena, had in November, set up a high powered committee to ease and facilitate license requirements for restaurants/eateries, and directed it to examine the existing regulations and suggest ways of expediting the licensing processes. After the submission of the report by the committee, it took several rounds of meetings to finally concretise the liberalised regulations, officials said. These will now be sent to the National Informatics Centre (NIC) to bring about necessary changes in the new application undertaking and uploaded on the MHA licensing portal. "This is expected to be done in the next three weeks, and come January 26, entrepreneurs in the national capital will be able to avail of this new progressive, business-friendly and liberalised licensing regime in
Westlife Foodworld, the master franchisee of McDonald's restaurants for West and South India, is looking for an almost three-fold jump in sales up to Rs 4,500 crore in the next five years by 2027, mainly on the back of network expansion, omnichannel approach, according to company officials. As part of network expansion, Westlife Foodworld will add around 300 McDonald's restaurants in the next five years, in which 60 per cent of the new stores are likely to be in the southern region and the rest in the western zone, said the company in its 'Vision 2027'. The company, which through its subsidiary Hardcastle Restaurants operates 337 McDonald's restaurants (as of September 30, 2022), has already commenced the work on the next 200 stores. "Westlife Foodworld's vision 2027 is strategic guidance for our road ahead. We see doubling our sales to (Rs) 40-45 billion in the next 5 years on the back of adding around 300 restaurants by 2027," said Westlife Foodworld Executive Director Akshay ...
Investment in technology startups in the agriculture and food sector jumped over twofold to USD 4.6 billion during the last fiscal on the back of higher inflow in restaurant marketplace and e-grocery, according to a report by AgFunder and Omnivore. "Total investment in agrifoodtech startups for India's fiscal year (FY) 2022 stood at USD 4.6 billion, up 119 per cent from FY2021. Deal volume also increased to 234 in FY2022 as compared to 189 deals in FY2021," according to the report titled 'India AgriFoodTech Investment Report 2022'. AgFunder is foodtech and agtech venture capital firm, while Omnivore is a venture capital firm, based in India, which funds entrepreneurs building the future of agriculture and food systems. "Downstream investments continue to boost overall funding into the agrifoodtech space. Downstream startups raised USD 3.8 billion in FY2022, a 115 per cent increase from USD 1.77 billion in FY'2021. This significant growth is due to Swiggy which raised USD 1.2 billion
Canadian restaurant chain Tim Hortons plans to open around 120 stores in India in the next three years at an investment of up to Rs 300 crore, a top company official said on Monday. The chain, which had in August opened its first outlets in India, is initially focussing on North India and will later expand to other regions. "The commitment that I made to the board is in the first 36 months of operation, in the first three years, there'll be 120 stores (in India)," the company's India CEO Navin Gurnaney said here in an interaction on the sidelines of Indian Restaurant Congress 2022. The company could exceed the target as the first year is focussed on "building the foundation" with 20 new stores followed by another 50 new stores in the following 12 months, he added. This, he said, will be followed by another 60 new stores in the third year. All these stores will be company-owned, he said, adding the "investment per store is between Rs 2 crore to Rs 2.5 crore". At present, Tim Horto