Inspira Global completes ₹2,235-crore Restaurant Brands Asia acquisition
BENGALURU: Inspira Global, ₹The Rs 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, is one of the largest controlling transactions in India’s quick service restaurant (QSR) sector, according to a stock exchange filing on Tuesday.
The acquisition includes Inspira Global’s food and beverage platform, Lenexis Foodworks Pvt. was carried out through. Ltd. Following the transaction, Inspira Global will own a 41.78% stake in Restaurant Brands Asia, according to the filing.
Following exercise of the warrants, its shares are expected to increase to an additional 48.04%. ₹450 crore equity infusion.
The company’s board of directors formalized the transition to the new ownership structure by appointing Madhusudan Agrawal as chairman and Aayush Agrawal as non-executive director.
The acquisition comes as India’s organized restaurant industry enters a new phase of consolidation. Operators are seeking scale to offset slowing same-store sales growth, reduced discretionary spending, rising rents, wage inflation and higher operating costs following the recent disruption of liquid petroleum gas (LPG) supplies during the U.S.-Iran conflict.
The transaction follows the proposed merger of Devyani International Ltd and Sapphire Foods India Ltd, announced earlier this year, which would create India’s largest listed QSR operator with over 3,000 restaurants and annual revenue of around $2,000. ₹8,000 crore. While this combination is larger in terms of store count and revenue, Inspira Global’s investment in Restaurant Brands Asia is among the industry’s largest controlling transactions, underscoring the industry’s accelerating consolidation.
Restaurant Brands Asia said in a statement on Tuesday that the change in ownership will not affect franchise regulations. The company will continue to operate Burger King in India and Burger King and Popeyes in Indonesia under existing master franchise and development agreements with Restaurant Brands International.
Burger King’s franchise agreements in India and Indonesia were recently extended through 2050, providing long-term visibility for expansion in both markets.
Growth platform
This acquisition gives Inspira Global control of a business whose operating performance has improved over the past year. Restaurant Brands Asia’s consolidated revenue up 10.7% year on year ₹2,823 crore in FY26.
Burger King’s revenue increased by 15.4% in India ₹The chain added 68 net restaurants and finished the year with 581 outlets, generating Rs 2,272 crore. While same-store sales growth was 4% for the year, same-store sales growth in the fourth quarter rose to 6.3%, the highest level in the last 12 quarters, driven by value propositions and menu innovation.
The company’s consolidated net loss narrowed ₹around 129 crore in FY26 ₹277 crore was made a year ago on improved profitability in India, but the Indonesian business, particularly Popeyes, continued to negatively impact 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 solid operating fundamentals,” said Madhusudan Agrawal, president of Restaurant Brands Asia.
He said he would strengthen the business through patient capital, disciplined management and a long-term perspective, while working closely with the group’s existing leadership team.
Aayush Agrawal, non-executive director of Restaurant Brands Asia, said the acquisition reflects Inspira Global’s belief in India’s long-term consumption story and that enduring businesses are built through operational excellence, customer obsession and disciplined execution. He said the company looks forward to working with current management to accelerate the next phase of growth and create “one of the most admired foodservice businesses in the region.”
The deal also expands Inspira Global’s foodservice portfolio. The group, through Lenexis Foodworks, currently operates Chinese Wok, The Momo Co. and operates homegrown QSR brands such as Big Bowl. The addition of Restaurant Brands Asia strengthens its presence in India’s organized restaurant market by adding Burger King and Popeyes to its portfolio.
