US restaurant chain Johnny Rockets has signed a franchise agreement with Prime Gourmet to open at least 20 restaurants in India over the next few years.
Initial locations are slated for New Delhi, Noida and Gurgaon in the National Capital Region, with subsequent expansion planned for Mumbai, Bangalore, Chennai, Chandigarh, Jaipur, Pune, Hyderabad and Kolkata.
Prime Gourmet is a new company founded by Sachin Goel, Vishal Chaudhry and Gaurav Sharma. With vast experience in the hospitality and finance industries, the three entrepreneurs bring unique experience to the new business.
Goel and Chaudhry previously helmed a company called Restaurant Concepts that owned and operated a restaurant and bar in Gurgaon, a suburb of Delhi, and currently develop leisure properties with vacation ownership opportunities in Goa and Delhi.
Sharma has a finance background, and has been in investment banking and private equity for more than 10 years in both the US and India.
“There is a large, growing segment of upper middle class and middle class Indians with a high propensity to eat out,” said Goel.
“With its menu of all-American favorites, timeless ambiance and engaging dining experience, Johnny Rockets will satisfy a consumer need for a quality product in the QSR and casual dining arenas,” said Goel.
According to a recent Rabobank Food and Agribusiness Research report, the QSR segment in India is expected to grow at a compound annual growth rate of 30 per cent until 2015. This growth is three times that of the Indian foodservice sector as a whole, and is attributed to a younger population, larger disposable incomes, higher rate of urbanisation and exposure to western lifestyles, among other factors.
The National Restaurant Association of India also reports that 50 per cent of consumers dine out at least once every three months.
“With a population of more than 1.2 billion, second only to China, there is a tremendous audience for our all-American dining experience,” said Steve Devine, president of Johnny Rockets International.
“The family-friendly environment, classic music, modern Americana decor and dancing servers associated with Johnny Rockets worldwide further contribute to our unique niche, and should be of great interest to our Indian guests,” he said.
