The Pizza Bakery owner Popo Global raises Rs 532 crore to fund national expansion

Bengaluru-based restaurant group Popo Global has raised Rs 532 crore in fresh funding from investment firm Artal Asia, clearing the path for the company behind The Pizza Bakery to expand nationally.

The deal gives Artal Asia, an affiliate of the US-based Invus Group, a significant minority stake in the business. According to a person familiar with the transaction, the investment values the previously bootstrapped company at approximately Rs 1,250 crore.

Founded in 2017 by brothers Nikhil and Abhijit Gupta, Popo Global has quietly built a formidable food business in Bengaluru. What began with a single wood-fired pizza oven has grown into an estate of 40 outlets across three proprietary brands: sourdough specialist The Pizza Bakery, French-casual chain Paris Panini, and Smash Guys Burger Kitchen.

Unlike many fast-growing casual dining chains that lean heavily on sub-licensing and franchise partners, Popo Global has stuck to a company-owned and operated model. The founders argue this direct-control approach keeps quality consistent across their diverse formats, which range from full-service dine-in restaurants to delivery-only kitchens. Until now, this growth has been funded almost entirely through internal cash flows.

The capital injection will now be used to take these brands outside Bengaluru. The company has not yet disclosed which cities it will target first, but the new funding is earmarked for launching company-owned outlets in major metropolitan areas across India.

In Artal Asia, the founders have secured a partner with a track record of scaling food brands. Artal Group’s global investments include Cava, the Mediterranean fast-casual chain that listed on the New York Stock Exchange last year. Locally, the group is best known for its long-term backing of Capital Foods, the maker of Ching’s Secret, which it held for more than ten years before Tata Consumer Products acquired it in a Rs 5,200 crore deal.

"Bringing Artal Asia into Popo lets us think considerably bigger while keeping the spirit that got us here — never cutting any corners on quality," Nikhil and Abhijit Gupta said in a joint statement. "They have partnered with some of the world's most successful food businesses, and they understand that the product has to stay at the centre of it."

The restaurant group's financial metrics have remained strong through its expansion. While Popo Global has not publicly shared its balance sheet, the business is understood to be profitable, with revenues reaching roughly Rs 175 crore in the 2025 financial year.

Lee Swee Yin, director at Artal Asia, said the investment was driven by Popo Global's capital efficiency and focus on its product. The Rainmaker Group acted as the exclusive financial advisor for the transaction.