Indian chain Mowgli to open new restaurants with £3.45m investment

Indian street food chain Mowgli has secured a multi-million pound investment from private equity firm Foresight Group.

Mowgli Street Food, which operates restaurants across Liverpool and Manchester, will use the £3.45m boost to expand into new territories.

Former barrister Nisha Katona, who founded the company three years ago, plans to bring the Mowgli brand to Birmingham and Leeds later this year.

The seven-figure investment is the Foresight Regional Investment Fund’s sixth to date.

As part of the deal, the former head of finance at private equity-backed Byron Hamburgers, Matthew Peck, is now finance director at Mowgli.

Additionally, the founder of Café Rouge and chair of steakhouse Hawksmoor, Karen Jones, has been appointed chair of Mowgli.

Nisha Katona said: “I’m thrilled to be working with Foresight to continue the growth of Mowgli Street Food.

“I feel passionately about offering healthy, authentic Indian Street food to the market.”

She continued: “Foresight’s expertise in growing businesses, alongside our recently appointed new recruits, will allow us to expand into new geographies without compromising the quality of our offering.”

Foresight senior investment manager Claire Alvarez commented: “Our investment into the Mowgli Street Food chain is tremendously exciting; the business is illustrative of the continuous innovation and entrepreneurial culture that is prevalent in the North West.

“The company is full of potential and we look forward to supporting Nisha in realising her vision for Mowgli Street Food to become the leading voice for Indian Street Food across the UK.”

She added: “The deal is the first in a series of investments we are looking at in the consumer and leisure sector this year and has added strongly to the portfolio diversity of the Foresight Regional Investment Fund.”

Mowgli Street Food was advised on the deal by the M&A and private equity team at RSM.

Rob Donaldson, the firm’s head of corporate finance, who led the transaction team, said: “In a competitive sector, Mowgli Street Food is a genuinely exciting brand and we were delighted to support Nisha to secure this funding.

“We wish her, and Mowgli Street Food, the very best of luck in delivering their ambitious growth plan.”

RSM’s North West regional managing partner, Jill Jones, commented: “Mowgli Street Food is a real success story for the North West.

“It’s a unique brand, which has ambitious plans; and the deal will facilitate growth so more consumers across the UK will be able to enjoy the Mowgli experience.”