England-based Chinese food chain YoYo Noodle plans to invest 25 million pounds (over Rs. 210 crore) over the next five years to open as many as 200 outlets in India.
The first outlet is likely to be launched in Mumbai by Diwali 2014.
The company has partnered with Mumbai-based One Network Consulting for foraying into the Rs. 5,500 crore domestic quick service restaurants (QSR) market under 'YoYo Noodle India' brand and is targeting to set up as many 200 stores across the country over the next five years.
"With Chinese cuisine being so popular here, we are set for a great start. We are in the process of picking our key franchise partners and hope to have 200 stores in the next five years," YoYo Group founder Eric Ho told PTI here over the weekend.
He also claimed that this could generate over 2,000 jobs. The company is also evaluating setting up its own unit to manufacture packaging and merchandise items.
"We are in discussions to set up our own plant, which will manufacture packaging materials, sauces and merchandise.
This is the second phase of the plan, before that we want to establish our brand," said One Network Consulting managing director Anuradha Makhija.
The plant will receive an investment of about 20 million pounds (about Rs. 160 crore) to be funded by YoYo Noodle India, she said, adding another 5 million pounds will be spent on marketing and branding.
"The plant will also help us make India the central hub globally for exporting sourcing and merchandise. We are aiming for 50 million pounds (over Rs. 420 crore) revenues from here in the first five years," Ho said.
The QSR market, which has the likes of McDonald's, KFC and Domino's, is expected to grow to Rs. 16,785 crore by 2018 from Rs.5,500 crore in 2012, according to data by the National Restaurant Association of India.
The QSR segment contributes 43 per cent of the Rs. 12,785 crore domestic chain food service market, while cafes, casual dining and fine dining constitute 12 per cent, 31 per cent and 4 per cent, respectively.
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