Matrix Partners India, a venture capital firm, has invested Rs250 million ($5.6 million; €4.25 million) to fund the expansion of Yo! China, a Chinese fast food company in India.
The fast food chain which offers Dimsum and Rs20 takeaway-meals recently won the rights to create a presence in Delhi and Mumbai airports.
Ashish Kapur, co-founder and managing director of Yo! China the funding from Matrix will “accelerate our national expansion plans of opening another 200 outlets in the next 3-4 years.”
Avnish Baja, founding managing director of Matrix Partners India, said: “Yo! China is addressing a significant opportunity since Chinese food is the second most popular cuisine in India and so far has not had anyone catering to the vast fast food opportunity.”
Bajaj has joined Yo! China’s board of directors.
Bajaj and Rishi Navani co-founded Matrix India with Matrix Partners in the US. The India-focused venture capital firm which raised $150 million fund earlier this year has a multi-stage, multi-sector investment focus. In September, the fund made its first investment in Sevenrtymm, an Indian online movie rental start-up.