Inspira Global completes ₹2,235-crore Restaurant Brands Asia acquisition

BENGALURU: Inspira Global has completed its ₹2,235-crore acquisition of Restaurant Brands Asia Ltd (RBA), the listed operator of Burger King in India and Burger King and Popeyes in Indonesia, marking one of the largest control transactions in India's quick-service restaurant (QSR) sector, according to a stock exchange filing on Tuesday.

The acquisition was executed through Inspira Global's food and beverage platform, Lenexis Foodworks Pvt. Ltd. Following the transaction, Inspira Global holds a 41.78% stake in Restaurant Brands Asia, according to the filing.

Its stake is expected to increase to 48.04% after the exercise of warrants through an additional ₹450 crore equity infusion.

The company's board has appointed Madhusudan Agrawal as chairman and Aayush Agrawal as a non-executive director, formalizing the transition to the new ownership structure.

The acquisition comes as India's organized restaurant industry enters a fresh phase of consolidation. Operators are seeking scale to offset slowing same-store sales growth, subdued discretionary spending, rising rentals, wage inflation and higher operating costs following the recent disruption in liquid petroleum gas (LPG) supplies during the US-Iran conflict.

The transaction follows the proposed merger of Devyani International Ltd and Sapphire Foods India Ltd, announced earlier this year, which will create India's largest listed QSR operator with more than 3,000 restaurants and annual revenue of nearly ₹8,000 crore. While that combination is larger by store count and revenue, Inspira Global's investment in Restaurant Brands Asia ranks among the sector's largest control transactions, highlighting the industry's accelerating consolidation.

Restaurant Brands Asia, in a statement on Tuesday, said the ownership change will not affect its franchise arrangements. The company will continue operating Burger King in India and Burger King and Popeyes in Indonesia under its existing master franchise and development agreements with Restaurant Brands International.

Its Burger King franchise agreements in India and Indonesia were recently extended until 2050, providing long-term visibility on expansion across both markets.

Growth platform

The acquisition gives Inspira Global control of a business whose operating performance improved over the past year. Restaurant Brands Asia's consolidated revenue rose 10.7% year-on-year to ₹2,823 crore in FY26.

In India, Burger King's revenue increased 15.4% to ₹2,272 crore as the chain added 68 net restaurants, ending the year with 581 outlets. Same-store sales growth was 4% for the year, while fourth-quarter same-store sales growth accelerated to 6.3%, the highest in the past 12 quarters, driven by value offerings and menu innovation.

The company's consolidated net loss narrowed to ₹129 crore in FY26 from about ₹277 crore a year earlier as profitability improved in India, although its Indonesia business, particularly Popeyes, continued to weigh on earnings.

"Today marks the beginning of an exciting new chapter for Restaurant Brands Asia. We are inheriting a business built on strong brands, exceptional people and sound operating fundamentals," said Madhusudan Agrawal, chairman of Restaurant Brands Asia.

He said the group would strengthen the business with patient capital, disciplined governance and a long-term perspective while working closely with the existing leadership team.

Aayush Agrawal, non-executive director of Restaurant Brands Asia, said the acquisition reflects Inspira Global's conviction in India's long-term consumption story and its belief that enduring businesses are built through operational excellence, customer obsession and disciplined execution. He said the company looked forward to working with the existing management to accelerate the next phase of growth and build "one of the most admired food service businesses in the region."

The deal also broadens Inspira Global's food service portfolio. Through Lenexis Foodworks, the group already operates homegrown QSR brands including Chinese Wok, The Momo Co. and Big Bowl. The addition of Restaurant Brands Asia brings Burger King and Popeyes into its portfolio, strengthening its presence in India's organized restaurant market.