EverBrands, the operator of Subway India, has raised US$15 million in funding to expand the fast-food franchise across the country.
The deal with Playbook Partners, who will now acquire a 5 per cent stake in Everbrands, comes after Subway India surpassed 1000 stores in the country.
Subway India began in 2000 with its first site opening in Saket, New Delhi. In 2022, venture capital firm Everstone Group acquired the master franchise rights for opening stores in India, Sri Lanka, Bangladesh, and Nepal, and had its subsidiary, Everbrands, operate the business.
In the last three years, Subway India has opened more than 350 stores in new locations, reaching 165 cities and employing more than 3500 staff.
EverBrands said that the Subway India business is consistently among Subway’s top-performing growth markets in the world.
Playbook Partners made the investment from its $250 million fund, earmarked for Indian growth opportunities.
“India will account for over 15 per cent of the entire global economic growth over the next decade,” Vikas Choudhury, founder and managing partner, Playbook, said. “Our purpose is to fuel India’s aspirational growth and transformation at scale.”
