Gujarat-based QSR chain Neopolitan Pizza secures funding

Neopolitan Pizza Pvt Ltd, a Gujarat-based quick service restaurant (QSR) chain operator, has raised an undisclosed amount in an angel funding from Sarthi Angels Venture Foundation (SAVF), according to a VCCircle report.

This is SAVF's third investment after it invested an undisclosed amount in Ahmedabad-based engineering firm MR Organisaion Ltd and in Delhi-based Learning Edge Academy of Professionals Pvt Ltd.

Started in 2012 by Mukund Purohit, an Indo Canadian entrepreneur, Neopolitan Pizza has positioned itself as a vegetarian Italian meal chain. Besides traditional Italian fast food it also offers Jain Special food.

Currently, Neopolitan Pizza has 22 stores and it aims to have 100 outlets by 2017 pan India.

QSR as a business has attracted several investors in the past. Most recently, Nilgai Foods, which operates QSR chain PICO and sells condiments and gourmet processed foods products, raised its first round of equity investment from an unnamed high net-worth investor (HNI).

SAVF, which was launched in August 2013 by Sarthi Group, a financial services company, comprises high net-worth angels among others and invests in startups operating in sectors like e-commerce, IT, agriculture and food processing, consumer, clean tech, healthcare and media. The platform can invest at any stage of a startup lifecycle (even in ideation stage companies) and the amount invested can go up to $2 million.