Restaurant Brands Asia Ltd, the master franchisee of Burger King in India and Burger King and Popeyes in Indonesia, is set for a change in ownership as Inspira Global moves in to acquire a controlling stake, marking the exit of private equity firm Everstone Capital from the business it has backed for over a decade.
Under definitive agreements announced on Tuesday, Inspira Global, led by entrepreneur Aayush Madhusudan Agrawal, will take over promoter control from QSR Asia Pte Ltd, which is majority owned by Everstone. The transaction is subject to shareholder and regulatory approvals, including clearance from the Competition Commission of India, and will be carried out in compliance with SEBI takeover norms.
The deal structure includes the acquisition of QSR Asia’s entire 11.26 percent stake in Restaurant Brands Asia for approximately Rs 460 crore. In addition, Inspira Global has committed to a substantial capital infusion, proposing around Rs 900 crore through a preferential allotment of equity shares and a further Rs 600 crore via warrants. These investments will trigger an open offer to public shareholders.
The acquisition will be executed through Lenexis Foodworks Private Limited, Inspira Global’s food and beverage platform, which operates more than 250 Chinese Wok outlets across over 45 Indian cities. The move significantly strengthens Inspira’s footprint in the quick service restaurant sector, adding established global brands to its portfolio.
Restaurant Brands Asia said its existing leadership team, operational framework and brand identities will remain unchanged. The company currently operates over 575 Burger King restaurants in India, making it one of the largest QSR networks in the country.
Industry observers view the transaction as a pivotal moment for the company, providing fresh long-term capital to support store expansion, operational efficiencies and margin improvement in a competitive foodservice market.
For Everstone, the deal represents the conclusion of a long investment cycle that began with the launch of Burger King in India more than 12 years ago. For Inspira Global, it signals a decisive bet on India’s fast-growing organised QSR sector, where scale, execution and patient capital are increasingly critical.
