InterGlobe Azure Hospitality deal: $15 million-20 million stake buy
The InterGlobe Azure Hospitality deal
InterGlobe Enterprises is set to take a controlling stake in Azure Hospitality, the parent company of restaurant brands including Mamagoto, for $15 million-20 million. The transaction is expected to close at the end of September as Azure enters a new phase of growth.
The deal will combine a secondary share purchase from existing investors with a fresh capital infusion. Goldman Sachs and Max Ventures are expected to partially exit after backing Azure through multiple funding rounds since 2015. The fresh funds are expected to support working capital, existing liabilities and expansion.
What Azure Hospitality does
Founded in 2009, Azure Hospitality operates Mamagoto, Dhaba Estd. 1986, Sly Granny, Foxtrot, Speedy Chow and Roll Maal. The company has experimented with newer formats across casual dining, cafes and quick service restaurants.
Mamagoto has developed a loyal customer base with its Pan-Asian menu and distinctive, design-led restaurants. Dhaba has given Azure a long-running presence in Indian dining. By September 2025, Azure operated about 25 Mamagoto and 25 Dhaba outlets across 14 cities and 12 states, with about 60% of its outlets in the National Capital Region.
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About 60% of Azure’s restaurants are company-owned and company-operated, while the remaining 40% are franchise-owned and company-operated. Kabir Suri and Rahul Khanna are expected to continue with the business.
InterGlobe’s hospitality direction
InterGlobe operates China Club, a fine-dining restaurant in Gurugram, and has a hospitality business in India through InterGlobe Hotels, its joint venture with French hospitality company Accor. The partnership operates Accor’s Ibis hotels in India.
In an August interview with Mint, group managing director Rahul Bhatia said: “We want it to be one of the leading hospitality firms in India.”
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