Bengaluru-based Truffles explores options to raise capital, appoints banker

“The deal has been in the market for quite sometime now and several PE firms have been tapped,” one of the people cited above said.

The transaction could see Truffles’ promoters sell anywhere between a significant minority and a majority stake, depending on the incoming investor and deal structure, the second person said.

“The deal will likely value the overall company at about 3-4x revenue multiple which translates to nearly ₹800 crore,” a third person said, confirming the above details.

India’s $80-billion food services market is projected to grow at a 10–11% CAGR through 2030, driven by the rapid expansion of organised players. The rise of online food delivery and branded dine-in formats is accelerating this shift. Truffles competes across categories with brands such as Leon Grill, Meghana Foods, Third Wave Coffee, and Theobroma.

Growth trajectory

Founded by Avinash Bajaj and Ruby De, Truffles operates about eight branches and three cloud kitchens across Bengaluru, according to its official website. Its menu spans coffees, burgers, pastas, fries and desserts.

The company has reported steady revenue growth in recent years. Operating revenue rose to ₹159.1 crore in FY25 from ₹140.3 crore a year earlier, according to filings sourced by Tofler from the Ministry of Corporate Affairs. Profit remained nearly flat at ₹17 crore over the same period.

If the fundraise proceeds as planned, the capital will be deployed to scale operations and expand into new cities, one of the people cited above added.

Separately, listed player Sapphire Foods India is preparing to merge with Devyani International in a nearly billion-dollar deal. Devyani has also announced plans to acquire homegrown chain Biryani by Kilo, while Wow! Momo raised capital from Singularity in December.

Priyamvada C

Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.

Sneha Shah

Sneha Shah is the editor for deals and startups at Mint. Starting off her career in India’s financial capital as a cub reporter for the Mid-day newspaper in the mid-2000s, she later moved on to decode balance sheets and follow the money trail for some of the leading pink publications in the country. She has been covering India’s deals ecosystem for nearly two decades now, closely tracking private- and public-market funding, startups, private equity, venture capital, and investment banking. From breaking some of the biggest deal stories of the past to doing some incisive deep-dives into the latest trends and turnarounds in the industry, she has witnessed the phenomenal growth and transformation of the country’s investment ecosystem from really close quarters. A graduate in journalism, she has worked with The Economic Times, Financial Chronicle, VCCircle and Mid-Day before starting her second stint at Mint in 2022. As a keen observer of India’s startups ecosystem, she aspires to write a book some day, chronicling some of the most inspiring stories the industry has seen so far in its remarkable journey.