Grill Splendour Services Ltd IPO

About Grill Splendour Services Ltd

Grill Splendour Services Limited was incorporated as Grill Splendour Services Private Limited on November 29, 2019 under the Companies Act, 2013 with the Registrar of Companies, Central Registration Centre bearing Registration number 333814. The status of the Company was changed to public limited and the name of the Company was changed to Grill Splendour Services Limited vide Special Resolution dated August 14, 2023 pursuant to conversion of the Company into public limited Company. The fresh certificate of incorporation consequent to conversion was issued on September 06, 2023 by the Registrar of Companies, Mumbai. The Corporate Identification Number of the Company is U55100MH2019PLC333814.

India's food service sector is one of the vibrantly growing segments which has witnessed noticeable growth in past few years. The sector, including both organised and unorganized segments, stands at Rs. 4,23,865 crores in 2018-19. The sector is expected to reach to US$ 79.65 billion by 2028, with a CAGR of 11.19%. Factors accelerating the progress of the food services sector include changing demographics, increase in disposable income, growing urbanization, increasing internet penetration and proliferation of online services. Also, young affluent couples with penchant for eating out are adding to the growth further. Following are the major factors contributing to the growth of the sector: -Increase in the size of the population between age group 15-64 years of age. -Increasing urbanization. -Growing travel and tourism. -Increasing number of Indian brands going global. -Restaurants and food joints are increasingly becoming preferred location for socializing during weekdays and weekends. Players generate close to 58% of their revenue during weekdays and balance during weekends. There has been explosion in terms of experimentation with the formats, menus and themes leading to lot of entrepreneurs venturing in this segment. Restaurants are offering value for money combo meal offers to their customers leading to larger section of population afford eating out more often. Explosion of internet users and increased internet penetration and increased usage of apps including plethora of food ordering and delivery service apps will lead to increase spend on outside food. MARKET SIZE According to a report, the market for food services in India is predicted to increase from US$ 41.1 billion in 2022 to US$ 79.65 billion by 2028, with a CAGR of 11.19%. According to the Food Service and Restaurant Business Report 2022-23 by Francorp and restaurantindia.in, the industry is predicted to employ 1 crore people by 2025, despite losing over 20 lakh jobs at the height of the COVID-19 pandemic. The country's restaurant and food service market is split into two segments, with the unorganised segment holding the lion's share of the market, according to the report, which also noted that the organised sector expanded rapidly between 2014 and 2020. The market for quick service restaurants (QSRs) in the country is predicted to be worth US$ 690.21 million in 2022 and US$ 1069.3 million in 2027, rising at a CAGR of 9.15%, according to the report's additional findings. The QSR chain market is anticipated to increase at a CAGR of 23% over the course of FY20-25, making it the fastestgrowing sub-segment overall in the food service industry.

Grill Splendour Services Limited is a chain of gourmet Bakery and Patisserie spread across Mumbai through 17 retail stores, a centralized production facility and multiple corporate clients. Out of these 17 retail stores, 5 stores are running under the franchisee model (franchisee owned, and company operated) and rest 12 stores are owned by the company. The Company offers fresh food products from traditional to `made to order' as required by the Customers. Both its Promoters individually have 30+ years of experience in the Hospitality industry. Grill Splendor Services Private Ltd. was incorporated in November 2019 as a hospitality company to acquire the bakery and confectionary business along with brand Birdy's Bakery and Patisserie from WAH Restaurants Private Limited. The acquisition was done via a Business Transfer and Intellectual Property Assignment Agreement dated December 27, 2019 (Acquisition Agreement). After that the company proceeded to invest in the business and grow the brand and spread its presence. The brand Birdy's was originally set up as Birdy's by Taj. Over a period, it was sold to WAH Restaurants Private Limited and from them the same was acquired by the company vide above referred Acquisition Agreement. The primary focus of the Company was to bring back the quality and sheen of the brand. The Company did that over a period of the last few years by a series of initiatives. The Company is engaged in the sale of following broad categories of products: Cakes & Pastries. Food Sale. Beverages. Desert Sales.

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