Business
From ‘cheap food and curry houses’ to upscale dining: The rise of Indian restaurants in the U.S.
Semma restaurant in New York, NY.
Courtesy: Steven Hall
Executive Chef Vikas Khanna has plated hundreds of thousands of dinners over the past 20 years — and he’s seen firsthand just how much Indian cuisine has evolved in the U.S.
Khanna, a world-renowned Indian restaurateur, created Junoon, his high-end Indian restaurant in New York City, more than a decade ago to wade deeper into sophisticated Indian dining, ultimately earning a Michelin star for the restaurant — one of the first Indian restaurants to earn the distinction.
As an immigrant in a post-9/11 America, Khanna said his bosses early in his career had been hesitant to branch out and experiment deeper with the broad canvas of Indian cuisine. Instead, he stuck to what he knew worked for the American palette: stereotypical menus and flavors like butter chicken and tikka masala.
But when American chef Anthony Bourdain visited Junoon for the first time, Khanna said he got the wakeup call of his career.
“He said, ‘I don’t understand why you guys want to camouflage your food to please the Western world,'” Khanna told CNBC. “He was saying, ‘You need to patronize the cuisine.’ And that became the foundation of Bungalow in many ways.”
Bungalow, Khanna’s next and highly popular venture in New York, is one of a growing number of Indian upscale and fine-dining restaurants popping up in the U.S. What was once takeout menus and buffets, Khanna said, has transformed into a business segment aiming to rival that of Italian and French cuisine and is garnering growing interest by the day.
According to Jimmy Rizvi, Khanna’s business partner at Bungalow, reservations for the restaurant sell out within 30 to 90 seconds of going live, with nightly waitlists averaging more than 1,000 people. The restaurant opened less than two years ago but consistently serves 300 to 400 dinners each night, becoming a top 10 restaurant in New York City on reservations platform Resy, Rizvi said.
“I definitely think that there’s a knowledge base that’s increasing; there’s more awareness with Indian food,” Rizvi, who also owns the restaurant Gupshup, told CNBC. “And there’s different cuisines within the Indian cuisine … that people are getting aware about.”
Bungalow’s Chef, Vikas Khanna.
Courtesy: Jimmy Rizvi
Tracking the rise
Khanna, who has been in the American restaurant scene for more than two decades, said he’s seen the entire landscape shift from “cheap food and curry houses” to sophisticated sit-down establishments.
Fine dining overall has seen a significant upswing over the past few years, Circana foodservice analyst David Portalatin told CNBC, as a post-pandemic appetite for a dining experience beyond just food has seen a boom.
Despite macroeconomic pressure with inflation and a pullback in consumer spending, Portalatin said customer visits to fine dining restaurants in July were up 5% year-over-year.
“One of the bright spots across the restaurant landscape right now is fine dining,” he said. “It’s evidence that the American consumer is once again desiring these unique and differentiated experiences outside the home.”
Along with that, Portalatin said younger consumers, like Generation Z and millennials, have a growing interest in global dishes with their “quest for flavors.” That opens the door for exploring cuisines like Indian food.
According to data from market research firm Datassential, new Indian restaurant openings in December 2024 hit 115, up from just 54 in September 2018. Currently, the firm counts 154 upscale Indian dining restaurants in the U.S. compared with 101 in January 2018.
Bungalow restaurant in New York, NY.
Courtesy: Jimmy Rizvi
Resy CEO Pablo Rivero told CNBC that he’s also seen demand for high-end Indian restaurants widen over the past few years.
“Modern Indian restaurants are redefining the category with ambitious menus and inventive formats — and diner demand for these elevated experiences shows no signs of slowing down,” Rivero said. “It’s a clear sign that diners are eager to explore experience-driven, innovative expressions of Indian cuisine at the highest level.”
And while growing American interest in global cuisines has taken off, the Indian American population has also mirrored that growth. According to the Pew Research Center, the Indian population in the U.S. has increased by roughly 3.1 million, growing about 174% since 2000.
That population has also seen a rise in affluence, making a high median household income of more than $151,000 in 2023, compared with just a median of over $105,000 for Asian American households overall, according to Pew.
Growing investor interest
As reservations at Indian restaurants begin to sell out even faster, investors are also looking to secure a seat at the table.
Just this month, popular U.K. Indian restaurant chain Dishoom gained private equity backing as it prepares to scale to the U.S. next year.
L Catterton, backed by LVMH, announced it was acquiring a minority stake for an undisclosed amount in Dishoom, marking the restaurant group’s first outside investment. The firm adds Dishoom to its growing slate of restaurant investments, including Japanese Kobe beef chain Kisshokichi and Spanish casual dining brand Goiko.
The new deal reportedly values the restaurant at roughly $400 million. L Catterton and Dishoom did not respond to CNBC’s requests for comment.
Bungalow’s Indian cuisine in New York City.
Courtesy: Jimmy Rizvi
Roni Mazumdar, with the James Beard Award-winning Indian restaurant Semma, said he’s seen a direct increase in investor interest as upscale Indian restaurants have boomed over the past few years.
Unapologetic Foods — the company behind many popular New York restaurants including Semma, Dhamaka, Adda and more — is having “continuous conversations” with outside investors, Mazumdar told CNBC, but even having those talks marks a significant change from when the group first entered the restaurant scene.
“I don’t think anyone saw Indian cuisine as a viable option until now,” Mazumdar said. “There are folks who we have consistent dialogues with who I don’t think five years ago would have even thought about the idea of, ‘Oh, it could be an interesting business model to look at.'”
Mazumdar said the landscape is “shifting rapidly” as more investors take notice.
“I wouldn’t call this a trend,” he added. “To take one of the oldest cuisines in the world – I think it’s an inevitability. It’s a matter of time.”
Emphasizing regional specificity
The Indian Restaurant Association of America identified hyper-regional flavors as one of its top 2025 Indian restaurant trends as chefs dig into the hundreds of local cuisines that dot the subcontinent.
Each of the restaurants from Mazumdar and Unapologetic Foods Chef Chintan Pandya, including Semma, emphasizes regional cuisines, rather than the typical northwestern Indian menus of decades past.
“I think we see a very interesting pattern where there’s a sense of curiosity towards finding out what a community is about through the lens of food,” Mazumdar said. “And I don’t think 20 years ago that was the case.”
Semma, for example, which was ranked No. 1 on The New York Times’ 2025 best restaurants list, explores the cuisine of South India, specifically the state of Tamil Nadu.
“I think one of the glorifying reasons that Semma is doing insanely great or something path-breaking is because it touches that nerve of Indian food which is cooked in India,” Pandya said. “That’s the entire belief, or the standard, or the vision of our company, where we will touch and cook the actual Indian food which we ourselves love to eat.”
Semma restaurant in New York, NY.
Courtesy: Steven Hall
Avtar Walia, the owner of Tamarind in Tribeca, has been in the American restaurant scene for decades. When he first immigrated to America in the ’70s, he couldn’t figure out why Indian restaurants weren’t at the same level as Italian and French restaurants.
By adding in more regional dishes and classic Indian street food, Walia said he began to see Indian restaurants — including his own eateries — change from typical buffets to sleek, elegant dining.
“From the last 47 years, I still follow the same pattern. Every month, month and a half, I change my lunch menu,” Walia said. “We take one of the regions … so that people can try different dishes, authentic dishes, and they don’t have to go anywhere else. And this worked very well for me.”
Walia estimated that nearly 95% of his clientele are regulars, with his restaurant becoming a staple for Wall Street business meetings.
And for Khanna over at Bungalow, the lines outside the restaurant just keep getting longer.
His rattan chairs have seated famed Indian celebrities like members of India’s billionaire Ambani family and Bollywood stars, as well as American bigwigs like Amazon founder Jeff Bezos, who visited the restaurant last year.
“When he came, he kept saying, ‘I know why every Indian in Seattle is on the phones at 8 a.m. PT to snag a reservation, because for them, this is not just visiting a restaurant — it’s a pilgrimage back home,'” Khanna said. “And that really stayed with me.”
New Delhi: The All India LPG Distributors Federation has appealed Finance Minister Nirmala Sitharaman to reduce the Goods and Services Tax (GST) on LPG Suraksha Hoses (LPG pipes) from 18 per cent to 5 per cent. In the run up to the two-day GST Council meeting that started today, the Federation had written to the Union minister
In the letter, the Federation had stressed that the LPG Suraksha Hose is not a luxury product but a mandatory safety component essential for transporting gas safely from cylinders to stoves. “As LPG is already under essential commodities and distributed under subsidy schemes to millions of families, imposing such a high GST on a safety accessory is contradictory to the government’s vision of “Ujjwala se Suraksha”,” the letter read.
Since August 2015, every household using LPG is required to replace these hoses periodically as per Oil Marketing Companies (OMCs) and Petroleum and Explosives Safety Organization (PESO) guidelines. Currently, the 18 per cent GST rate makes these safety hoses costly for many families, especially economically weaker households, rural consumers, and beneficiaries of the Pradhan Mantri Ujjwala Yojana (PMUY), they argued.
According to the Federation’s President Chandra Prakash, lowering the GST to 5 per cent would not reduce tax revenue instead, it could increase it, as more consumers would purchase authorized BIS-approved hoses rather than cheaper, unsafe alternatives from the open market.
“We assured you that total GST on Suraksha hose will also increase because now a days majority consumers purchasing substandard LPG pipe-Suraksha Hose from open unauthorized market hence loss of GST revenue. We assured yourself that LPG user will buy from oil companies authorized channels partners if GST reduces to 5 per cent instead of 18 per cent,” the letter read.
“This small fiscal step will have a large social impact by strengthening household safety and supporting the government’s vision of Har Ghar Surakshit LPG,” Prakash said in the letter. The two-day meeting, being held on September 3 and 4, is expected to bring significant changes to India’s indirect tax structure, with discussions centred around rationalising and reducing the number of GST slabs.
In the Independence Day speech from the ramparts of the Red Fort this year, Prime Minister Narendra Modi announced upcoming next-gen GST reforms before Diwali so as to benefit consumers, small industries and MSMEs.
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PM Modi says the global chip market is expected to grow from the current $600 billion to over $1 trillion in the coming years, and India would capture a significant share of it.
Prime Minister
Narendra Modi
attends the SemiconIndia Exhibition 2025 at Yashobhoomi, Delhi.
Prime Minister Narendra Modi on Wednesday attended the second day of the SEMICON India 2025 event at Yashobhoomi (India International Convention and Expo Centre), Delhi. PM Modi also examined a nanochip at the event.
PM Modi inaugurated the event on Tuesday, where he said the global semiconductor market is expected to grow from its current value of $600 billion to over $1 trillion in the coming years, and expressed confidence that India would capture a significant share of this growth.
He described chips as the “digital diamonds” of the 21st century, in contrast to the “black gold” of oil that shaped the previous one. He highlighted the rapid progress since the launch of the Semicon India program in 2021, with 10 semiconductor projects now underway with a total investment exceeding $18 billion.
PM Modi emphasised that the government is focused on speed, stating, “the shorter the time from file to factory, and the lesser the paperwork, the sooner wafer work can begin.” To achieve this, the National Single Window System has been put in place to streamline approvals.
He also noted that semiconductor parks are being developed across the country under a plug-and-play infrastructure model to offer essential facilities like land and power. These efforts, combined with incentives, are designed to attract more investment and talent.
He said the world trusts India and is ready to build the semiconductor future with the country.
PM Modi remarked that when such infrastructure is combined with incentives, industrial growth is inevitable. Whether through PLI incentives or Design Linked Grants, India is offering end-to-end capabilities. This is why investment continues to flow in, he emphasised.
On Tuesday, Union IT Minister Ashwini Vaishnaw also presented the Vikram 32-bit processor, developed by Isro’s Semiconductor Lab, along with test chips from four approved projects.
Vaishnaw said, “This is a year, 2025, in which many dreams are coming true. On September 2, the Prime Minister was presented with the first made-in-India chip made by CG SEMI. Three more pilot lines are almost on the verge of completion in the next few months. Our design and talent building capabilities have come up very well. On September 2, we presented the 20 chips designed by students and manufactured at our SCL Mohali facility. On September 2, the flagship event witnessed the convergence of all critical stakeholders of the semiconductor ecosystem including Equipment manufacturers, chemical manufacturers, gas manufacturers, and material manufacturer and that that shows the scale at which we are growing and the confidence the world has on India’s semiconductor journey.”
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
Read More
Business
Vikran Engineering IPO Sees Muted Listing, Stock Lists At 2% Premium: Should You Buy, Sell Or Hold?
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Vikran Engineering IPO Listing: The stock lists at a premium of around 2% at Rs 99 apiece on the NSE, compared with the IPO issue price of Rs 97.
Vikran Engineering IPO Listing.
Vikran Engineering IPO Listing: Vikran Engineering Ltd made a muted stock market debut on September 3. The stock was listed at a premium of around 2% at Rs 99 apiece on the NSE, compared with the IPO issue price of Rs 97. However, the stock declined into the red and traded down by 2.32% at Rs 94.7 apiece as against the issue price.
The stock had risen in the morning immediately after the listing and hit the day’s high of Rs 101.77 apiece on the NSE, which was 4.5% higher than the IPO price, before plunging into the red.
On the BSE, the stock opened at Rs 99.7 apiece, which is 2.78% higher than the issue price. The stock is currently trading in red, down by over 2.5%.
The company’s market capitalisation (mcap) stood at nearly Rs 2,600 crore.
The initial public offering (IPO) of Vikran Engineering Ltd was open between August 26 and August 29. It received a strong overall subscription of 24.87 times.
Vikran Engineering IPO Listing: Should You Buy, Sell Or Hold?
“Vikran Engineering Ltd made a modest debut on the stock market with a listing gain of about 2.7% over its issue price of Rs 97, opening at around Rs 99.70. The company operates as a leading EPC player in power transmission, water infrastructure, and railway electrification projects with an asset-light model and a strong execution track record,” said Shivani Nyati, Head of Wealth at Swastika Investmart Ltd.
It enjoys robust growth visibility backed by a Rs 2,442 crore order book, supported by government infrastructure spending, she added.
“Investors are recommended to hold their holdings with a stop-loss near Rs 89 to safeguard against volatility, as execution of the strong order pipeline could drive medium-term upside,” Nyati said.
Brokerage firm Master Capital Services in its note said the Vikran Engineering IPO had a debut with a muted listing performance. The stock opened at Rs 99.70, offering a slight premium of 2.7% over its issue price of Rs 97. The IPO saw solid demand, with an overall subscription of 24.87 times, led by exceptional non-institutional buyer interest (61.77x).
Vikran has a good growth opportunity in the infrastructure space, is in demand with a healthy order book and a good execution model with a diversified order book of Rs 24,424 crore as of June 30, 2025, and has a pan-India presence in 16 states. It also has good advantages from government initiatives like the Jal Jeevan Mission and the Revamped Distribution Sector Scheme (RDSS), it added.
“While the current valuation appears to be stretched and cash flow issues remain a concern, the solid running history of execution and a good order book provide a positive long-term outlook on patience for investors,” Master Capital Services said.
The IPO is a mix of fresh issue of shares of about Rs 721 crore and an offer-for-sale portion worth Rs 51 crore by the promoter.
The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of Rs 541 crore for funding working capital requirements and the rest for general corporate purposes.
Vikran Engineering provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.
As of June 30, 2025, the company completed 45 projects across 14 states with a total executed contract value of Rs 1,920 crore. It has 44 ongoing projects across 16 states, aggregating orders worth Rs 5,120 crore.
Vikran Engineering’s revenue from operations increased 16.53 per cent to Rs 916 crore in FY25 from Rs 786 crore in the previous financial year, and profit after tax rose 4 per cent to Rs 78 crore in FY25 from Rs 75 crore in FY24.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
Read More
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