Ciclo Cafe to open 16 outlets by 2020; to invest Rs 60 cr

Restaurant chain Ciclo Cafe plans to open 16 outlets in India by next three years entailing an investment of about Rs 60 crore.
The cafe, a joint venture between Murugappa Group company Tube Investments of India (TII) and Absolute Speciality Foods, opened its third outlet in Gurgaon today.
"Our plan is to open at least 16 outlets all over India and right now the plan is to invest about Rs 50-60 crore over the next three years," TI Cycles President and Spokesperson for TII Arun Alagappan told PTI.
TI Cycles is a division of Tube Investments of India (TII), which had last year entered into a joint venture with Absolute Speciality Foods to expand its bicycle cafes across the country.

The cafes, which are set up specially for bicycle enthusiasts, have facilities for sales and service of premium bicylces, merchandise and accessories, among others along with multi-cuisines and food and beverage (F&B) services.
The JV, TI Absolute Concepts, has two outlets in Chennai and Hyderabad at present.
"We will open further in cities like Cochin, Madurai and Chandigarh and we would not only look for youngsters as our target customers but they definitely form the main part of our business," Alagappan said.