History
Prosenjit Choudhury was, at the time, a culinary expert at Sayaji Hotels. While working at the hotel, he introduced the concept of live grills like Korean barbecue in order to enhance the buffet experience to avoid cold appetisers. This idea proved to be popular and with the support of Sajid Dhanani, the managing director of Sayaji Hotels, Choudhury established the first outlet at Pali Hill in Mumbai, India in 2006. [1] The brand had expanded to cities such as New Delhi and Bengaluru by 2008. [1] After Sajid Dhanani's death in 2012, his brother Kayum Dhanani took over the business, who expanded it further. [2] The company opened its 100th outlet in 2018. [3] As of 2022, the company owns an 86.57% stake in Red Apple Kitchen Consultancy Private Limited, which manages an Italian restaurant chain, Toscano. [c 4] [c 5]
The company offered its IPO in 2021. [4] The IPO aimed to raise ₹453 crore (USD 52.06 million), with ₹180 crore as fresh capital for expansion and debt repayment, and ₹273 crore as an offer for sale by existing investors. The price band was set at ₹498-₹500 per share. [5] The stock was reported to perform poorly, due to factors such as the COVID-19 pandemic's impact on the restaurant market, weakening sales and increased competition. [6] [7] An Indian Express article highlighted how the buffet business was stalling due to new customer trends, affecting the growth of Barbeque Nation. [7]
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