Private equity firm BanyanTree Growth Capital, the owner of the renowned food and beverage brand Nirula’s, has successfully acquired ‘Angels in My Kitchen,’ a confectionery chain based in Delhi. The financial terms of the deal remain undisclosed.
Sumedha Singhal, director at Nirula’s and a member of BanyanTree Growth Capital, commented on the acquisition, highlighting the strategic alignment between the two brands. She noted, “Nirula’s specializes in offering ice creams, pizzas, and burgers, while Angels is recognized for its bakery and confectionery products. These represent distinct culinary genres. Furthermore, Nirula’s primary business focus is ice cream, with seasonality from Holi to Diwali, whereas Angels, as a confectionery brand, experiences peak demand from Diwali to Holi. This complementary seasonality makes the acquisition a synergistic move.”
Established in 2003 by Bijoy Majhi and Bhupesh Kumar Jain, Angels in My Kitchen presently operates 20 outlets throughout Delhi-NCR. Addressing the founders’ role post-acquisition, Singhal affirmed that they would continue to be integral parts of the organization.
In terms of future plans, Singhal disclosed that the company intends to open an additional 30 Angels stores by the close of the fiscal year. Beyond standalone outlets, BanyanTree Growth Capital envisions establishing co-branded shops for both Angels and Nirula’s. This initiative has already seen its first co-branded outlet open in M Block, GK-II, and Qutub Plaza.
Regarding forthcoming ventures for BanyanTree Growth, Singhal expressed the fund’s robust interest in the SME sector and tier 2 and tier 3 cities, as it actively seeks new opportunities.