The second day of the Entrepreneurship Summit 2013 organised by Franchise India has witnessed eminent speakers sharing their business insights on what should be the right recipe for food service business.
The session includes panellist Dheeraj Gupta, Founder & MD, Jumboking; Murali Parna, COO, Sagar Ratna; Kailash Goenka, CMD, Sankalp Group; Sharad Sachdeva, COO, Lite Bite Foods Ltd and Eric Ho, Founder, Yo Yo Noodles.
NRAI report says the size of the food services market in India is estimated at USD 48 billion in 2013 which is projected to grow at a CAGR of 11 percent over the next five years to reach USD 78 billion by 2018. The panellists in the session were optimistic about the further growth of the industry and they highlighted different growth factors of the Indian food business. How to make the food exceptionally good in taste? What is the prime reason for the success of a restaurant in the country? Localisation of menu according to the demography and reasons why foreign restaurant chains are successful in India were a few talking points of the panel discussion.
Dheeraj Gupta, Founder & MD, Jumboking stressed the availability of brands in prime location is very important and the brands should rise above taste in food business.
Regional foods will keep growing but healthy foods will be soon in demand said, Murali Parna, COO, Sagar Ratna. He is also of the opinion that innovation of menu, good quality food at affordable price, heart warming hospitality of every guests and location is the reason for the success of a restaurant in India.
Talking about the growing culture of people eating out, Sharad Sachdeva, COO, Lite Bite Foods Ltd was of the opinion that, “People living away from home and also the nuclear family system has given a rise to the propelling food business in the country.”
Discussing the success of the foreign brands in the country Sachdeva further elaborated, “Progressing middle class, knowledge for food brand, generating flavour for different cuisine, and experimenting the food are the main rationale for the success of foreign brands.”
Concluding the session Eric Ho, Founder, Yo Yo Noodles said, “Recession is the best time to grow for a restaurant because it is that time when everybody sleeps and you get a chance to work harder.”