Burgers, Billions and Big Bets: India’s QSR Boom Draws Heavy Deal Action

Burgers, Billions and Big Bets: India’s QSR Boom Draws Heavy Deal Action

By Hariharan U

Published on January 5, 2026

India’s quick-service restaurant (QSR) sector is heating up, with dealmaking activity reaching new highs as brands race to scale and investors chase long-term growth. The headline transaction is the merger of Devyani International and Sapphire Foods India, operators of KFC and Pizza Hut, which will create the country’s largest single QSR platform with a combined network of over 3,000 outlets.

Beyond marquee mergers, capital continues to pour into fast-growing brands. Wow! Momo Foods recently raised fresh funding led by veteran investor Madhusudan Kela. Dessert-focused chains are also drawing strong interest, with Vixar acquiring a significant minority stake in The Belgian Waffle Co, while ChrysCapital earlier took a controlling stake in bakery brand Theobroma.

Global interest in Indian food brands is equally strong. International private equity firm L Catterton acquired a minority stake in Haldiram Snacks Food, following a major investment by global investors including Temasek, IHC and Alpha Wave Global. Haldiram Group is also reportedly exploring the introduction of American sandwich brand Jimmy John’s in India, underlining the growing appetite for Western-style QSR formats among young, urban consumers.

Industry executives point to rising disposable incomes, urbanisation, digital ordering, and food delivery platforms as key drivers behind the sector’s momentum. “A lot of these deals are in the works because QSR chains are trying to bulk up their physical presence,” a banker involved in one of the transactions had told ET. “There are long-term tailwinds for the sector, given that the overall food services market has a lot of headroom for growth.”

While investor interest remains strong, valuations continue to be closely scrutinised. “Over the past few months, a number of such negotiations hit a roadblock over valuations,” the banker noted, highlighting the cautious approach adopted by private equity firms even amid high growth expectations.

Explaining why investors remain bullish, Rajiv Batra of ChrysCapital said, “India's food space is a large industry with an attractive growth profile based on the shift from unorganised to organised. With an increase in disposable income and convenience-led multiple food options via food aggregators, Indians are eating out and ordering food more than before. This has given opportunity to many homegrown brands to scale.”

Operational discipline remains central to long-term success. Dheeraj Gupta, founder of Jumboking, observed, “The secret sauce lies in disciplined capital allocation, how to provide maximum customer satisfaction at minimum cost.” He added that well-managed QSR businesses are increasingly setting benchmarks for the wider industry.

Experts also underline the importance of localisation and brand loyalty. “QSR success requires balancing standardisation with localisation, maintaining consistent quality while adapting to regional preferences,” said Pakhi Saxena of Wazir Advisors. Meanwhile, Amit Mehendale of RoboCapital noted, “In the long run, brands that earn customer loyalty will always win.”

India’s food services market continues to expand rapidly, supported by quick commerce, delivery platforms, and changing consumption habits. Industry estimates suggest the market is on track for sustained double-digit growth, with organised QSR chains expected to outpace the unorganised segment and play a leading role in shaping the future of India’s dining economy.


Lenexis Foodworks Sees Strong Festive Season Growth, Sets Stage for 2026 Expansion

Lenexis Foodworks Sees Strong Festive Season Growth, Sets Stage for 2026 Expansion

By Hariharan U

Published on January 7, 2026

Lenexis Foodworks, one of India’s leading quick-service food companies, reported strong performance over the festive season, driven by consumer preference for experiential dining. The group operates prominent brands including Chinese Wok, The Momo Co., and Big Bowl, with a footprint of over 250 outlets in 45+ cities.

Founder and Director Aayush Madhusudan Agrawal said, "New Year's Eve capped off an exceptional festive run for us, with strong dine-in momentum carrying through the last week of December. We witnessed over 30% growth in sales and more than 40% growth in footfalls versus last year, clearly indicating that consumers are stepping out to celebrate and prefer the experiential joy of dining together."

Agrawal further highlighted that Christmas Day was a record-breaking occasion, with 25% year-on-year sales growth and over 35% increase in footfalls. Delivery growth was driven by Big Bowl (25%+) and Chinese Wok (15%), while dine-in combos saw a 25% rise in preference. Signature offerings like Superbowls continued to attract new customers, acting as a strong acquisition driver for the group.

"December has performed as per expectations and sets a solid foundation for accelerated growth as we move into 2026," added Agrawal.

About Lenexis Foodworks
Founded in 2015, Lenexis Foodworks is a leading Indian quick-service food company dedicated to delivering high-quality culinary experiences across high streets and malls. Its portfolio includes Chinese Wok, India’s largest Desi-Chinese QSR brand, The Momo Co., and Big Bowl, serving diverse tastes and preferences. With over 250 outlets across cities like Mumbai, Delhi, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata, the company has played a key role in shaping the modern Indian QSR landscape. Looking ahead, Lenexis Foodworks aims to expand into new concepts and culinary formats to bring innovative, flavour-forward experiences to consumers nationwide.


EBG Group Appoints Mrunal Thakur as Brand Ambassador for Carlton Wellness

EBG Group Appoints Mrunal Thakur as Brand Ambassador for Carlton Wellness

By Manu Vardhan Kannan

Published on January 7, 2026

EBG Group, a rapidly growing Indian conglomerate with interests across mobility, health, realty, lifestyle, food, services, technology, and education, has announced acclaimed actor Mrunal Thakur as the brand ambassador for its wellness-hospitality venture, Carlton Wellness. The association marks an important milestone in the group’s mission to create a credible, premium, and regulated wellness ecosystem in India.

As part of this partnership, Mrunal Thakur will lead Carlton Wellness’s brand films, digital narratives, experiential wellness campaigns, and flagship property launches. These initiatives will be rolled out in phases across key markets, strengthening Carlton Wellness’s presence among modern Indian consumers seeking balanced and holistic wellbeing.

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Speaking on the association, Dr. Irfan Khan, Chairman and Founder of EBG Group, shared that Mrunal Thakur was chosen for her strong alignment with the values of wellness, mindful living, and inner balance. He noted that her modern grace, emotional strength, and understated elegance reflect the core philosophy of Carlton Wellness, which focuses on preventive care, longevity, and conscious luxury. He added that the collaboration reinforces the group’s long-term commitment to building a meaningful and scalable wellness platform in India.

Mrunal Thakur, expressing her thoughts on the partnership, said that wellness is deeply personal to her and appreciated Carlton Wellness’s approach that goes beyond surface-level luxury. She highlighted that the brand encourages people to slow down, reconnect with themselves, and prioritise holistic health, making the association both natural and meaningful for her.

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Carlton Wellness Group, under its strategic partnership with EBG Group, is being developed as an integrated wellness-hospitality platform. Its offerings span wellness resorts, destination retreats, city and hotel-based spas, and wellness-focused vacation homes and residences. The platform combines clinical and experiential wellness practices such as Ayurveda, naturopathy, mindfulness, and hydrotherapy, while adapting global wellness standards to suit Indian lifestyles. A strong emphasis is placed on preventive healthcare, longevity, and improving overall quality of life.

Currently, multiple Carlton Wellness spa formats are set to operate across select partner locations, with licensed spa projects already live within premium hospitality and real estate developments. Flagship wellness retreat and resort projects are at advanced stages of development in cities including Ahmedabad, Indore, and Manipal. The brand has also confirmed expansion plans across Hyderabad, Bhubaneswar, Surat, Lucknow, Bangalore, and Manipal, strengthening its footprint across metro and Tier-1 markets.

Looking ahead, Carlton Wellness plans a broader expansion across Maharashtra, Goa, Karnataka, Kerala, Rajasthan, Uttarakhand, and key NCR and metro hubs. The roadmap includes the launch of 20 to 30 wellness spas in major cities, four to six destination wellness retreats, two to three boutique wellness resorts in nature-led or coastal locations, and one to two luxury wellness residential or vacation home projects.

Backed by this strong expansion pipeline, the EBG Carlton platform is projecting revenues in the range of ₹80 to ₹120 crore in the near term, with plans to scale up to ₹180 to ₹250 crore by FY27. Revenue streams will be driven by spa operations, memberships, resort and retreat bookings, licensing and revenue-share models, managed wellness vacation homes, and curated wellness programs and collaborations.

Over the next few years, the alliance aims to establish flagship wellness assets and urban spa leadership, expand to over 50 wellness touchpoints nationwide, and emerge as India’s largest regulated wellness network. With future plans for international expansion into GCC and Southeast Asian markets, EBG Group and Carlton Wellness are positioning themselves at the intersection of conscious luxury, longevity science, and holistic wellbeing.

With Mrunal Thakur as the face of the brand, Carlton Wellness continues its journey toward becoming one of India’s most trusted and globally respected wellness-hospitality names.


Paritosh Ladhani: Steering SLMG Beverages and Sincere Developers Toward Growth and Sustainability

Paritosh Ladhani: Steering SLMG Beverages and Sincere Developers Toward Growth and Sustainability

By Hariharan U

Published on January 7, 2026

Mr. Paritosh Ladhani, a distinguished Indian business leader and entrepreneur, is making waves across India’s beverage, hospitality, and real estate sectors. Serving as Joint Managing Director of SLMG Beverages and Sincere Developers, and as founder of Hard Rock Café Delhi, he is widely recognised for his visionary leadership, operational excellence, and strategic foresight.

Under Mr. Ladhani’s leadership, SLMG Beverages has become India’s largest independent Coca-Cola bottler. The company operates eight advanced plants across Uttar Pradesh and Bihar, serving over 1.2 million retail outlets through 3,000+ distributors. SLMG’s revenue trajectory is remarkable, with a targeted gross turnover of ₹10,000 crores in 2025 and a valuation exceeding $5 billion. Expansions include a legacy plant in Patna and a major Greenfield project in Buxar.

In hospitality and real estate, Mr. Ladhani oversees Hotel Taj Agra, ranked among India’s top 100 hotels and top five MICE venues in North India. He is expanding into ultra-luxury projects in Udaipur, Goa, and Agra, combining heritage, service excellence, and modern amenities.

Looking ahead to Budget 2026, Mr. Ladhani shared, "SLMG eagerly anticipates bold measures to ramp up India’s manufacturing and domestic production under the Atmanirbhar Bharat vision. Industrial corridors, enhanced connectivity, and ease-of-doing-business reforms will attract global investments and strengthen integration into global supply chains. Rationalisation of GST slabs, especially for sustainable packaging, will reduce costs and accelerate our transition toward a circular economy. Boosting rural incomes will unlock enormous demand in tier-2, tier-3, and rural markets, the true engines of growth. SLMG is committed to driving India’s next phase of inclusive, high-velocity economic growth."

With his leadership spanning beverages, hospitality, and real estate, Paritosh Ladhani continues to set benchmarks in operational scale, sustainability, and community impact, positioning his enterprises at the forefront of India’s economic and industrial growth.

About SLMG Beverages:
SLMG Beverages, a flagship enterprise of the Ladhani Group, is India’s largest independent Coca-Cola bottler. With a USD 1 billion expansion pipeline, the company focuses on sustainability, renewable energy adoption, and innovative beverage offerings, serving millions of consumers daily while driving growth in India’s beverage ecosystem

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