A few months into the food and beverages industry, Gurgaon-based food start-up Yuvi Hospitality Pvt. is positive about its business success in the wake of the evolving trends in the F&B market.
The food retail start-up has invested Rs 6-7 crore in the upcoming German-USA war themed restaurant ‘Molecule’ in Gurgaon. The restaurant built in an area of 8,000 sq ft will offer German brewery along with the molecular gastronomy experience in India.
The company was co-founded by Vivek Bhargava and Manish Sharma in June 2015 with a vision to fulfill the preferences of the young generation (which is going global).
In an interaction with SupportBiz, Vivek Bhargava says that the company was started with a capital of Rs.10 cr and it has managed to raise a funding of $15 million (About Rs 100 crore) in five months.
SB: Why did you opt for a business in food industry?
Vivek: We always wanted to come up with something that can cater to the needs of today's generation in food and beverage space. Secondly, diners easily get bored with food scenario. We wanted to change the scenario and serve something to the young diners. So, that's how Yuvi Hospitality got established.
SB: What are the new facilities you will add after receiving $15 million funding?
Vivek: With $15 million funding, we are heavily investing in quality control, innovative designs/interiors and enhanced supply chain management. Also, we are investing in human resources as it is one of the key areas apart from the mentioned above.
SB: At present how is the market for food Industry? Where will it reach after 5 years?
Vivek: There's has been a lot happening in the industry right now. The way things are changing and shaping up in the industry is great. Whether it's restaurants opening up in every nook and corner of the country every day or innovative cuisines, there is something new everytime. Considering the pace at which we (restaurateurs) are going with a mission to bring a change at our individual level, we don't have to be really bothered about the diners visiting our restaurant five years down the line. The reason being we would be aware about the food choices of our diners considering their taste and preferences.
SB: What are the challenges you are facing as a startup?
Vivek: Fortunately, we haven't faced any adverse circumstances yet. But various business models, sharing the same wallet of consumer and retaining customers are few challenges which we are facing as a start-up. But at the same time, we are very positive considering how the scenario has changed in the food startup space especially in the last 2 years.
SB: What is Yuvi's plan for 2016?
Vivek: We are planning to enter other markets like Mumbai & Bangalore in 2016. We have started working on the concepts to be introduced in these markets considering factors like the taste of target group, location, and culture of the place.
SB: What is Yuvi Hospitality's sustainability plan for next 5-6 years?
Vivek: Generally most of the start-ups work on business planning strategies in the early stage but forget on follow-up on the same in the later ones. And that's what harms the business. We will be working on live planning model which includes both effective business planning strategies and company performance tracking for long -term sustainability. This will not only enable us to think ahead, but it will also clarify that whether we are going in the right direction in terms of profitability and revenues in future.