In an exclusive conversation with Restaurant India, Vidit Gupta, One of the Co-Founder, Cafe Dalal Street, talks about the concept of trading on booze.
Cafe Dalal Street was planned when two friends, Vidit Gupta and Himanshu Gupta went to UK for higher studies, the duo went to night parties at clubs which actually worked on ‘The Stock’ market. After coming back to India two years back, the duo joined their respective family businesses. But, the idea to own a restaurant never laid back and it was during a party that they meet investors Prateek Kochhar and Gurcharan Singh and decided to give their idea a launch.
Why Delhi as preferred location, you could have started in Mumbai which has already welcomed the similar concept?
We came across The Bar Stock Exchange in Mumbai which was also on the same idea when we were researching about our concept. We visited the restaurant during New Year last time and were shocked to see the response as people were going absolutely crazy while trading on booze. And as, Delhi has always been measured as a city with profit, people going out, children spending out, but something like this was missing. So, we thought that we would do wonders in Delhi if we execute it well and open it at a central location.
How was the initial funding done?
Initially, it was completely family support, but two months down the lane we were able to get investment from outside investors; Prateek Kocchar and Gurcharan Singh who liked our idea and joined us as Co-Founders.
How the partnership looks like?
Both of them are not working as the capacity of pilot partner but also bringing their experience in bringing system in places and getting the PR done.
How is the concept similar with the ‘Stock Exchange’?
We make sure that the customer’s trade in alcohol whilst making sure they have a great exchange. The prices of the favourite drink rise in direct proportion to its consumption over a period of time at the bar. And, if the particular drink is more ordered on the day, the price for it generally goes up. It works on simple formula- more the demand, more the price.
How is the response so far?
The response has been fantastic as this is a new experience. Meanwhile, it is a bit challenge to make people aware about the concept, help them download the app and use it.
How about the ROI?
I believe it is too early to count on ROI but I would say we are doing great; the figures are really higher than what we have expected. It is doing in line with what a Warehouse cafe or Palm house café is doing today.
What is the procedure of ordering a drink at Dalal Street?
We have tied up with a software depository firm who has provided us with an app for android and ios. So, the customer who walks in has to download the application which is free and once he downloads the application, he gets the details about the drinks on the screen itself and the change is real time. He does not have to call the servant to come and take the order. The servant directly comes to the table and helps if the order has been placed or not. We have also television screens in our restaurant which displays the details of the drinks. And if someone, do not wants to download the app, they can check it on screen and place the order.
What is so unique about the cafe?
We also have a feature called ‘Market Crush’ where we crash the market at a particular time daily without knowing the customers so that the price of the drinks come down to 20-40 per cent for about four to five minutes.
What is the expansion plan?
We have already started finalising two more outlets in Delhi-NCR; one at Noida and other at west Delhi. And, going forward in about two year’s time, we would like to have six outlets down the lane. There are lots of ideas right now, but, stock exchange has lots of potential. So, the idea is to make it a big chain and then probably move on to other concepts.
How was the design conceptualised?
The design was made in such a way that it would make people believe that they are coming to The Bar Stock exchange. We have designed a wall where we have shown the Bar Stock Exchange Art work, on the other wall we have shown how investors react when they get an IPO contract. Spread across 6000 sqft, the restaurant is well designed where people also feel relaxed and breathing.