Jubilant FoodWorks has decided not to renew its franchise agreement with Dunkin’, bringing an end to the brand’s India journey after more than a decade. The current agreement, signed in 2011, is set to expire on December 31, 2026, and the exit will be executed in a phased manner through the end of the year.

The decision reflects persistent challenges faced by Dunkin’ in establishing a sustainable business model in India’s highly competitive quick service restaurant market. Despite its global recognition, the brand struggled to achieve financial viability at scale. In FY25, Dunkin’ India reported a net loss of ₹19.12 crore on revenues of ₹37.24 crore, contributing just 0.61 percent to Jubilant FoodWorks’ overall revenue, highlighting its limited strategic importance within the portfolio.

One of the core issues was positioning. Dunkin’ was unable to successfully build a strong “coffee and doughnut” consumption culture in India. Over time, the brand attempted to pivot toward a broader menu including burgers, wraps, and beverages, but this diluted its core identity without delivering meaningful growth. As a result, it failed to compete effectively with established café chains and emerging quick service formats.

The operational footprint also saw a steady decline. From a peak of around 80 outlets, the network has reduced to just 27 stores as of early 2026, with several underperforming locations shut down in recent months. This contraction reflects ongoing efforts by Jubilant FoodWorks to rationalize the business and limit losses.

Strategically, the exit aligns with Jubilant FoodWorks’ broader focus on scaling higher-performing brands. The company continues to derive the majority of its revenue from Domino’s Pizza, while also investing in the expansion of Popeyes and strengthening its presence in other formats such as Hong’s Kitchen. Redirecting resources toward these growth engines is expected to improve overall profitability and operational efficiency.

Looking ahead, Jubilant FoodWorks is evaluating multiple options for its remaining Dunkin’ outlets. These include closing underperforming stores, transferring assets or franchise rights to a new partner in coordination with Dunkin’s global leadership, or converting select locations into other brands within its portfolio. The final approach will likely depend on commercial viability and potential partnership opportunities.

Unless a new franchisee steps in before the agreement expires, Dunkin’ is expected to fully exit the Indian market by 2027, marking the end of its attempt to build a long-term presence in the country. The development underscores the challenges global food chains can face in adapting to local consumer preferences, particularly in categories where cultural habits and competitive dynamics differ significantly from their home markets.

Overall, the move signals a strategic consolidation by Jubilant FoodWorks, prioritizing scale, profitability, and brand clarity over maintaining underperforming international partnerships in an increasingly competitive QSR landscape.

Tendercuts is preparing for a new phase of expansion after stabilising its business and achieving profitability, marking a turnaround from the operational challenges it faced in 2022. The company, which was acquired by Good to GO in 2023, is now looking to scale its retail footprint by opening 12 new stores this year as part of a measured growth strategy focused on sustainable unit economics and operational efficiency.

Tendercuts had previously gone through a period of financial distress that led to store closures and workforce reductions, as it struggled with cost structures and market dynamics. Over the past year, however, the company has undertaken a comprehensive restructuring exercise, focusing on improving supply chain efficiencies, optimising store level operations, and strengthening overall unit economics. These efforts have enabled the brand to achieve positive EBITDA at both store and consolidated levels, signaling a return to financial stability and disciplined execution.

With a stronger foundation now in place, the company is shifting its focus toward expansion while maintaining a cautious and capital efficient approach. The planned addition of 12 stores is expected to deepen its presence across key markets, allowing it to capture growing demand for organised fresh meat and seafood retail, a segment that continues to benefit from increasing consumer preference for hygiene, quality assurance, and convenience.

To support this expansion, Tendercuts has secured approximately $2 million in debt funding from Lakme Finance. The capital will be deployed toward scaling operations, enhancing infrastructure, and strengthening its market presence in core geographies. Unlike equity funding, the use of debt reflects the company’s improved financial position and confidence in its ability to generate stable cash flows to support growth.

According to co founder and chief executive officer Sasikumar Kallanai, the company’s recent focus has been on building a disciplined operating model with clear visibility on profitability and capital efficiency. With these fundamentals now established, Tendercuts believes it is well positioned to scale in a controlled and sustainable manner, avoiding the pitfalls of aggressive expansion that previously impacted its business.

The broader fresh meat and seafood category in India is witnessing a gradual shift toward organised retail formats, driven by rising consumer awareness around food safety and quality. This trend presents an opportunity for brands like Tendercuts to expand their footprint, particularly in urban markets where demand for reliable and hygienic sourcing continues to grow.

Overall, Tendercuts’ revival and expansion plans highlight a strategic reset, moving from rapid, capital intensive growth to a more balanced model focused on profitability and operational discipline. By leveraging improved financial health and targeted investments, the company is positioning itself to rebuild scale while maintaining long term sustainability in a competitive and evolving market.

Unilever is intensifying its focus on India as a key growth engine, with plans to pursue smaller, high potential acquisitions aimed at capturing premiumisation trends and digital commerce expansion. The company’s leadership indicated that India, alongside the United States, will remain central to its global strategy, collectively contributing nearly 38 percent of its overall turnover. Chief executive Fernando Fernandez highlighted that the company is actively evaluating “super growth assets” that can accelerate its presence in fast growing markets while strengthening its footprint in ecommerce and direct to consumer channels.

Rather than pursuing large scale transformational deals, Unilever is adopting a more disciplined capital allocation approach focused on selective bolt on acquisitions. Chief financial officer Srinivas Pathak emphasized that the company will prioritize investments in premium segments, digitally native brands, and D2C models, particularly in India and the US. This strategy reflects a broader shift in the consumer goods sector, where agility and niche brand acquisition are increasingly seen as more effective than large mergers in driving growth and innovation.

The renewed India focus comes even as Unilever undertakes significant global restructuring, including the merger of parts of its food business with McCormick & Company to create a combined entity with an estimated $20 billion in revenue. Notably, Unilever has excluded its India operations from this transaction, underscoring the strategic importance of the market within its global portfolio. By retaining control over its India business, the company is signaling confidence in the long term growth potential of the region despite near term challenges.

Its Indian arm, Hindustan Unilever, has experienced a moderation in growth in recent years due to inflationary pressures, softer demand, and increasing competition from niche and digital first brands across personal care and household categories. In response, the company has been actively reshaping its portfolio through targeted acquisitions and divestments. It recently acquired full ownership of wellness brand Oziva and a majority stake in skincare brand Minimalist, while exiting its minority stake in Wellbeing Nutrition as part of a broader portfolio rationalisation exercise.

At a category level, Unilever is increasing its exposure to home and personal care, which is expected to account for around 67 percent of its overall business. The company is building a $39 billion focused portfolio in this segment, targeting leadership positions in high growth categories such as beauty, personal care, and wellbeing. This shift aligns with changing consumer preferences, where premium products, wellness oriented offerings, and digital engagement are becoming key growth drivers.

From a strategic standpoint, both India and the US offer attractive growth opportunities due to their scale, evolving consumer base, and increasing adoption of digital commerce. Unilever’s emphasis on these markets reflects its intent to strengthen its competitive positioning by combining global scale with localized innovation and targeted investments.

Overall, the company’s approach signals a clear pivot toward a more focused, agile growth strategy centered on high potential assets, premium categories, and digital channels. By doubling down on India and leveraging its strong distribution and brand building capabilities, Unilever aims to capture emerging opportunities while navigating the increasingly competitive and fragmented FMCG landscape.