Siguler Guff invests $40 million in Cinnabon operator Trimex Foods

New Delhi: US private equity firm Siguler Guff on Wednesday announced a strategic investment of US $ 40 million in Trimex Foods, the exclusive Indian franchise partner for global dining chains Chili's Grill & Bar, Paul and Cinnabon, betting on the high-potential dining sector. This marks Trimex’s first institutional capital raise and is aimed at accelerating the company’s pan-India expansion of its existing brand portfolio, while also enabling the onboarding of new global brands, it said in a statement.

“The investment reflects Siguler Guff’s strong conviction in the long-term growth potential of India’s organised food services sector, which is expected to be one of the fastest-growing consumer segments in the country over the coming decade,” the company said. Siguler Guff has over $18 billion of assets under management.

Founded in 2010, Trimex operates over 50 restaurants and bakery-cafes across 13 cities in India in casual dining and bakery platforms.


“India’s food services sector is undergoing a structural shift as consumers increasingly gravitate toward globally recognised dining experiences,” said Shaun Khubchandani, partner and co-portfolio manager, Siguler Guff. He said the platform represents a scalable, multi-brand platform.

India’s dining out sector has seen various deals in recent months, attracting high investor interest. US-based salad and sandwich maker Subway’s India, dessert chains Theobroma and Belgian Waffle, and Devyani International are among those that have seen big-ticket deal activity.

According to brokerage firm Bernstein, India’s food services market was estimated at around Rs 6 lakh crore in FY25, with the emergence of food aggregator platforms and delivery services being the most significant disruption to this industry over the past decade.