- **Spice Lounge Food Works** is a hospitality group that was assembled through a series of acquisitions, transforming a decades-old listed shell company into an operating business practically overnight. Originally incorporated in 1981 as Shalimar Agencies Limited and engaged in providing IT Services and Solutions, the company was fundamentally reshaped in 2024 when a new promoter group swapped three private operating businesses into the listed entity in exchange for shares. The recurring approach is to buy and build a portfolio of food, beverage, and entertainment brands - some proprietary, some franchised - and then layer a captive technology business underneath them to run the digital ordering, in-store systems, and analytics. # Business segments Three engines at different stages - a regional restaurant chain that is the operational core, an experiential venue play under construction, and a legacy IT services arm that also serves as the group's internal technology backbone. ## 1. Resto-bars and casual dining: the company's operating heartbeat **The group runs over a dozen Buffalo Wild Wings and Blaze Kebabs outlets across South India, brought in through a share swap that turned a shell company into a restaurant operator.** - **Acquired, not built from scratch** - the entire restaurant operation entered the listed company in August 2024, when the parent acquired 50 lakh shares of Chicken Wild Wings and 1.2 crore shares of Mirchi Wild Wings by issuing 3.67 crore of its own shares to the sellers, valuing the two businesses at roughly ₹80 and ₹12.50 per share respectively. - **A 13-outlet footprint with room to grow** - the company manages and scales more than 13 outlets across three states, giving it a concentrated regional presence that it can use as a base for adding new brands. - **More than just food on a plate** - the company's legal objects allow it to manufacture and sell pizzas, ice cream, and packaged sauces, serve alcohol in its restaurants, and even retail branded merchandise like caps and t-shirts, so every customer touchpoint can generate revenue. ## 2. Experiential venues: the next leg, stitched together through acquisitions **The company is assembling a collection of high-energy lifestyle venues - a Hyderabad bar-and-kitchen, a Goa beach club, and a planned events platform - by buying existing operators rather than starting from scratch.** - **Bought, not just built** - in October 2025 the board approved the acquisition of 100% of Rightfest Hospitality LLP, an operator founded in 2022 that runs XORA Bar & Kitchen in Hyderabad's Jubilee Hills and SALUD, an ocean-view club in Goa, with the deal structured as cash, shares, or a mix of both. - **A proven crowd-puller** - Rightfest has already hosted over 1.6 lakh patrons and organised major live events, so the company is buying a working model with an existing audience rather than a startup idea. - **A pipeline, not a one-off** - the group is developing a structured pipeline of large-format cultural and entertainment experiences under the XORA World banner, aiming to use events to drive traffic and strengthen brand recall across its ecosystem. ## 3. IT services: a legacy revenue stream that doubles as the group's tech brain **The company owns two software subsidiaries - one in the US, one in Singapore - that serve external clients while also building the digital plumbing for its own restaurants.** - **A transatlantic tech asset** - Teksoft Systems INC, a Michigan-based IT services firm, became a wholly owned subsidiary through the same 2024 share swap that brought in the restaurants, with the company issuing 3 crore shares to Teksoft's shareholders at an implied valuation of roughly ₹2,239 per Teksoft share. - **A Singapore foothold for international reach** - the company acquired 100% of Prisha Infotech, a Singapore-incorporated software firm, for USD 150,000 in cash, effective January 2026, gaining a business that specialises in digital platforms for consumer-facing companies and generated over USD 7.8 million in revenue in its most recent year. - **The in-house technology layer** - beyond serving third-party clients, the IT arm is meant to embed technology deeply into the group's own operations, covering supply chain management, point-of-sale systems, customer experience platforms, and analytics-led operations, so the restaurants run on software the company itself controls. # Group structure and partners **The company is a publicly listed shell that was repopulated through a series of share swaps and cash acquisitions, leaving the promoters with a small direct stake and a web of subsidiaries underneath.** - **A promoter group with a slim direct holding** - after the 2024 change of control and a mandatory open offer that attracted only a single share, the promoter group held just 2.68% directly as of March 2025, with the public owning the remaining 97.32%. - **A partnership structure that blurs the line between promoter and public** - two of the large shareholders, Siraj Holding LLC (a registered foreign portfolio investor) and BlueSky Capital Fund SPC (a mutual fund), received shares in the swap but are classified as public shareholders, not promoters. - **A deal pipeline that keeps the structure evolving** - the board has authorised the creation of additional subsidiaries and has authorised the Chairman to analyse, evaluate, and take an appropriate decision regarding the potential acquisition of a majority stake in Blackstone Management LLC, an international hospitality group with operations across Europe and the Middle East, signalling that the current group structure is not the final form.