Multi-restaurant chain Lite Bite Foods has bought out its JV partner Jiggs and Zorawar Kalra's stake in Wrapster Foods for an undisclosed amount and merged it with itself.
"Zorawar approached us to sell his shares to enable him to pursue other entrepreneurial ventures, and we agreed to purchase them,"Dabur scion and Lite Bite Foods chairman Amit Burman said. Wrapster Foods, set up in 2008, runs fine-dining restaurant Punjab Grill and quick service chain Street Foods. While Punjab Grill operates in Delhi-NCR, Mumbai and Bangalore, Street Foods has a presence mainly in NCR region Burman said Zorawar would continue as founder and CEO of both specialty restaurants and that the expansion plans of the restaurants would not be impacted by the development. Lite Bite Foods operates franchisee formats Subway, Pollo Campero and Pino's Pasta Pizza, own brands Zambar and Asia 7, quick-service chains Rapps, Big Gulp and Bakers Street, besides Punjab Grill and Street Foods. Lite Bite, also set up in 2008, was initially promoted by Burman, Tejpavan Gandhok and Rohit Aggarwal. Gandhok exited the venture in March last year to pursue a career in the education space. The day-to-day operations of the company are currently looked after by Aggarwal, who is executive director. The company has about 52 outlets across India and is targeting 200 outlets in two years. Mid last year, it made its overseas debut with the first Punjab Grill in Singapore.
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