As daily life becomes increasingly hectic, the demand for food that retains some sort of home food resemblance increases. Bengaluru based street food restaurant, Yumlok, is planning on cashing in on that demand and are investing 50 crores in a bid to set up 50 stores by 2020.
Millennials & Gen Z The Target
With a majority of the young, working population eating out frequently, due to their hectic schedules and their demand for food that has a homemade touch, Yumlok feels this is the right time for their expansion.
“Our youth contributes to 28% of our population of 1.3 billion. Youth population of India has a liberal mindset. They encourage experimentation with greater consumption. Eating out is often seen as a habit among youngsters rather than occasion driven activity. Digital India has helped us in market penetration and prompt home delivery. Keeping all these in mind, time is just right to expand. Our processes are in place. So the key here is speed with the right product, process, place, and price,” said Avinash Gupta founder of the restaurant.
According to Gupta, millennials and Gen Z are driving the growth of QSR and Online 2 Stores segments as they don’t have much time to spend on food due to their multi-tasking and digital media engagement.
“Value for money and authentic taste will make your position stable in an overcrowded market of QSR industries,” he suggested.