India Resurgence Fund (IndiaRF), an India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital, on Monday announced that it has invested about $68 million (Rs550 crores) in Impresario Entertainment and Hospitality Private Limited.

Following the transaction, IndiaRF has become the majority shareholder of Impresario, it said in a statement.

The fresh capital will help fuel the expansion of Impresario, which received an investment from L Catterton in 2017. The company, which currently owns and manages brands such as SOCIAL, Mocha, and Smoke House Deli, boasts a network of 63 restaurants across 17 Indian cities. It also owns and operates dark kitchen brands like BOSS Burger, Lucknowee, and HungLi.

In the future, Impresario plans to double its number of outlets as India’s F&B market gets more organised. The company will also take its current geographical footprint from 17 to more than 30 cities as part of its expansion plan.

“We plan to work alongside and augment the efforts of the management team, by leveraging on our deep operational engagement across multiple sectors. We believe that the next decade will see significant opportunities for Impresario as non-metro cities come up India’s aspirational curve and become major economic centres,” said Shantanu Nalavadi, managing director of IndiaRF.

Lodha Capital Markets was the exclusive financial advisor to L Catterton and Impresario on the transaction.

IndiaRF is currently investing from its $629-million first fund. The fund invests capital in the form of both debt and equity. Its portfolio companies include global contract research and manufacturing services company Primacy Industries Ltd., Setco Automotive Ltd, Thrissur Expressway Limited, and Archean Chemical Industries.