Miarakap is the first investment company dedicated to financing and supporting SMEs and start-ups in Madagascar. Providing strategic, technical and managerial support to companies, Miarakap recently invested 400 million Ariary in the fast food chain Chicky. Their objective : to maximize their economic, social and environmental impact through their investments and to contribute to the development of Madagascar.
400 million Ariary to boost the development of Chicky
Since 2017, Miarakap has been supporting small and medium-sized enterprises, as well as start-ups in the Big Island. This presence on Malagasy soil aims to contribute to the development of the country by helping ambitious companies to carry out their projects. This investment company has taken a 42% stake in the fast-food company Chicky. The 400 million Ariary (€100,000) injected into the fast food chain should support its development plan.
Miarakap gives Chicky the “tsiky” back
Miarakap’s minority shareholdings range from 100 million (EUR 25 000) to 1,2 billion Ariary (EUR 300 000). Through its financing formulas, the company aims to provide strategic, managerial and technical support to ambitious Malagasy companies. That’s how she became interested in Chicky (rhymes with tsiky/smile). The latter is on its way to becoming a real reference in terms of fast food in the capital.
Expansion plans for Chicky
Launched in 2017, Chicky is now set to expand its restaurant chain thanks to a financial boost from Miarakap. Indeed, this minority stake will allow Chicky to open a dozen restaurants and develop the home delivery and food-truck service, among others. This extension also has a social impact. From the current 27 employees, the Chicky store will increase to 150 jobs in the next five years.
A brand with great potential
According to Miarakap’s CEO, Emmanuel Cotsoyannis, “Chicky aims to become a major player in the sector in Madagascar, up to international quality standards, while remaining accessible to the greatest number of people. He adds that it was the team’s dynamism and competence that attracted the investment company. Miarakap saw a real potential for expansion in this restaurant chain and decided to support and develop it. While the American fried chicken giant has not yet set up shop in Madagascar, Chicky could well compete with it if that were to happen.
Chicky already has two restaurants in the busiest areas of Antananarivo. Chicky has been in the restaurant business for just over a year, and has a strong focus on family value and friendliness. Moreover, this brand wants to be accessible to all budgets. Thus, the average cost of a complete meal (chicken + chips + drink) is less than 10 000 Ariary (2.50 €).