Devyani International Limited, a prominent player in India’s food and beverages sector, has announced a strategic acquisition of up to 80.72% equity stake in Sky Gate Hospitality Private Limited for approximately ₹419.6 crore. The acquisition will be completed through a mix of share issuance and cash consideration.
Sky Gate, along with its subsidiaries — Blackvelvet Hospitality, Say Chefs Eatery, and Peanutbutter and Jelly — operates a portfolio of popular food brands including Biryani By Kilo, Goila Butter Chicken, The Bhojan, Get-A-Way, and Krazy Kebab Co. As part of the deal structure, Sky Gate will divest the Krazy Kebab Co. brand and its investment in Peanutbutter (which owns Get-A-Way) within the next nine months.
Excluding these two entities, Sky Gate’s equity is valued at ₹519 crore. The ₹419.6 crore consideration for the 80.72% stake will be partly discharged via the allotment of 2.37 crore equity shares of Devyani International at ₹176.78 per share, and the remainder in cash. A contingent cash consideration will also be paid based on the final proceeds from the divestment of Krazy Kebab Co. and Get-A-Way.
Sky Gate, incorporated in July 2015, reported a consolidated turnover of ₹277 crore (unaudited) in FY 2024–25, up from ₹268 crore in FY 2023–24 and ₹218 crore in FY 2022–23. The company is headquartered in India and has built a strong presence in the country’s fast-growing food services market.
Devyani International stated that this acquisition is aimed at expanding its food and beverage portfolio, strengthening its footprint in the Indian quick service restaurant (QSR) space. Upon completion, Sky Gate will become a subsidiary of Devyani International, aligning with the company’s growth strategy in domestic and international markets.
This move reinforces Devyani International’s commitment to diversifying its offerings and capturing a larger share of India’s rapidly evolving food services market.
