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Quick-Service Restaurants Attract Big Money: Wow Momo, Mad Over Donuts and Belgian Waffle in Funding Talks

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India’s quick-service restaurant industry is witnessing a burst of deal activity as investor interest intensifies around rapidly scaling brands and aggressive expansion plans across categories. Multiple investment negotiations are currently underway, according to industry executives, bankers and private equity leaders tracking the market.

Kolkata-based Wow Momo, backed by Tiger Global, is in talks to raise between 1,200 crore and 1,300 crore from ChrysCapital, L Catterton India and several growth funds. The funding will support expansion in India and international markets, including Sri Lanka and the UAE. The company operates more than 800 stores and aims to touch 1,000 outlets within the next year. The round may also include secondary share sales by early investors.

Meanwhile, Everstone Capital, which controls the Subway master franchise in India, is negotiating a 200 crore to 250 crore investment with Playbook Partners as the chain strengthens its physical footprint.

Dessert and snack players are also drawing attention. Mad Over Donuts is in advanced discussions with Invus Opportunities for 60 crore to 70 crore, while The Belgian Waffle is seeking capital from Arpwood Partners in a deal that may value the brand at as much as 1,300 crore for a stake of up to 45 percent.

Analysts say that while valuations remain a sticking point in several conversations, long-term demand fundamentals are compelling. Brokerage firm Bernstein values India’s food services market at nearly 6 lakh crore in FY25, expected to reach 7.76 lakh crore by FY28, driven by delivery platforms, rising urban consumption and increased eating out.

Large operators are also sharpening their portfolios. Devyani International, the franchise partner for KFC, Pizza Hut and Costa Coffee, is exploring a controlling stake in a domestic dessert chain after acquiring Biryani By Kilo for 420 crore earlier this year. Curefoods, headquartered in Bengaluru, is preparing for an 800 crore initial public offering with regulatory approval already secured.

Industry reports predict stronger dine-out frequency in the second half of FY25 despite earlier disruptions caused by unseasonal rains and festival-related slowdowns.

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New Beverage Rivals Campa and Lahori Zeera Gain Rapid Traction, Push MNC Giants to 85 Percent Share

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The balance of power in India’s sixty-thousand-crore rupee soft drinks industry is shifting as emerging players Campa and Lahori Zeera rapidly pull consumers away from long-standing multinational leaders Coca-Cola and PepsiCo. New retail data from NielsenIQ, shared by industry executives, shows that the two challenger brands have doubled their combined share to close to fifteen percent in the January to September 2025 period. This comes at the cost of the category’s dominant companies, whose collective share has slipped to approximately eighty-five percent from ninety-three percent a year ago.

The trend is especially striking because it has unfolded during a sluggish summer season disrupted by extended rainfall that kept category growth nearly flat. The majority of movement is concentrated at the mass ten-rupee price point, a segment where value sensitivity is high and impulse purchases are heavily influenced by availability in small retail kiosks and general-trade outlets.

Lahori Zeera, backed by Verlinvest and headquartered in Fatehgarh Sahib, Punjab, plans to expand nationwide in 2026 with distribution coverage targeting eighty to ninety percent of India’s pin codes. Co-founder and chief operating officer Nikhil Doda said the company is currently unavailable only in southern markets and is preparing to scale capacity through a new plant in Lucknow while developing new variants including Lahori Aamras and Masala Cola. The brand works with more than twenty-five hundred distributors and is now exploring institutional channels.

Campa, owned by Reliance Consumer Products Limited, is driving aggressive visibility through partnerships such as an IPL sponsorship, an endorsement deal with actor Ram Charan, and exclusive beverage rights across Hyderabad Metro stations, vending machines and kiosks. The brand has also signed on as the official energy partner for Ajith Kumar Racing.

The intensified competition has pushed both Coca-Cola and PepsiCo to reintroduce ten-rupee packs across Coke, Thums Up, Sprite, Pepsi and Gatorade. Analysts say it is the first time the multinational duopoly has faced a material challenge in decades.

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Jimmy John’s Could Finally Enter India As Haldiram’s Opens Early Negotiations With Inspire Brands

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Haldirams is exploring a move that could shake up the quick service space in India. The homegrown food giant has begun early conversations to bring Jimmy Johns, the well known American sandwich chain, into the Indian market. The talks are still at an initial stage, but the possibility itself has created a buzz across the food and beverage community.

Jimmy Johns is known in the United States for its fresh subs, simple menu, and a store format that focuses on quick service and fast preparation. With more than two thousand outlets across the United States, the brand has built a loyal following by keeping its offering straightforward and consistent. For India, it would add a new flavour to the growing sandwich and cafe category, which is currently dominated by a mix of local players and a few global chains.

For Haldirams, this move fits into a broader pattern of expansion. The company has already built a strong presence in packaged snacks, sweets, and quick service restaurants. Partnering with an international chain allows it to widen its reach even further and enter a category that has seen a steady rise in demand among young consumers and office goers.

The success of such a partnership would depend on how well Jimmy Johns adapts to Indian tastes. Most international brands entering the country eventually introduce menu items that suit local preferences. Haldirams has deep experience in understanding what works for Indian customers, which makes the collaboration interesting and strategically sound.

If the talks progress, India could soon see the first wave of Jimmy Johns stores in major cities. For now, the conversation itself signals how quickly the Indian food service landscape is changing, with global chains increasingly looking at India as their next big growth market.

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FAE Beauty Funding Update: Mumbai Cosmetics Startup Raises Rs 17 Crore for Growth and New Categories

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FAE Beauty, the Mumbai-based cosmetics company that first gained national visibility through Shark Tank India, has raised Rs 17 crore in a new funding round led by Spring Marketing Capital. The round also saw participation from Titan Capital Winners Fund, Arihant Patni and a group of individual investors from the consumer and beauty ecosystem.

Founded by UC Berkeley graduate and makeup artist Karishma Kewalramani, FAE Beauty positions itself in the fast-growing inclusive beauty segment, building colour cosmetics formulated specifically for diverse Indian skin tones and undertones. Its portfolio includes popular categories such as Lip Whip, Lush Blush and Eye Deal Kajal, which the brand says combine high-performance finishes with skincare-oriented benefits like hydration, long wear and anti-pigmentation support.

The fresh capital will be directed toward scaling product innovation, expanding the base of face-focused cosmetics and strengthening distribution across both online and offline channels. The company is increasing placements across direct-to-consumer platforms along with marketplaces and quick-commerce, including Nykaa, Amazon, Myntra, Blinkit, Tira and its own website. FAE Beauty also plans to widen its presence in modern retail outlets in key metro cities.

Speaking on the fundraise, Kewalramani said the brand is committed to reshaping how consumers engage with makeup in India, combining confidence, comfort and authenticity. She added that customers increasingly expect makeup to integrate skincare functionality without compromising on shade accuracy.

Kaushik Dasgupta, Head of Investments at Spring Marketing Capital, said the company reflects the shift toward skin-first beauty and personal expression. He noted that FAE has built a strong community through content-driven engagement and product performance, positioning it as a brand defining what modern Indian beauty could represent.

The investment comes at a time when India’s colour cosmetics market continues to expand rapidly, driven by younger consumers and rising preference for hybrid beauty products.

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Kellogg’s Muesli Gets New Brand Push With Kajol-Tanuja Campaign, Spotlights Nutrition and Convenience

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Kellanova has unveiled a new digital campaign for Kellogg’s Muesli, bringing together actors Kajol and her mother Tanuja for the first time onscreen in a breakfast-themed film. The campaign introduces the brand’s “12 in 1 Power Breakfast” proposition, which highlights a blend of 12 ingredients including oats, almonds, raisins, seeds and dried fruits, presented as a nutritious option designed for families looking for both taste and health.

The film leans into nostalgia and emotional storytelling, capturing a conversation between two generations and positioning Kellogg’s Muesli as a breakfast choice suitable for all age groups. The campaign aims to strengthen the brand’s connection with households increasingly turning toward convenient, nutrient-dense morning meals in the face of rising interest in healthy lifestyle choices.

Industry data shows that India’s ready-to-eat breakfast category has seen accelerated adoption among urban consumers since the pandemic, driven by the search for balanced nutrition and time-saving alternatives to traditional cooking. Kellanova is expanding its Muesli portfolio to meet varied taste profiles, including offerings with no added sugar. This diversified range is intended to broaden accessibility and appeal at a time when the category is experiencing heightened competition from both domestic and global food companies.

Vinay Subramanyam, Senior Director of Marketing for Kellanova South Asia, said the objective of the campaign is to drive discovery and reinforce the brand’s power-packed nutrition promise. He described the film featuring Kajol and Tanuja as an engaging format that captures the versatility and cross-generational relevance of Kellogg’s Muesli.

The campaign reflects Kellanova’s broader strategy of leaning into emotional storytelling combined with nutritional credibility to strengthen brand loyalty and increase breakfast category penetration.

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PerfectTed’s Rise: From $67K Dragons’ Den Pitch to $200M Matcha Empire in 30,000 Stores

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PerfectTed, the matcha-powered beverage company that has reshaped the clean energy drink category, is now valued at approximately 200 million dollars and distributed across 30,000 retail locations in more than 50 countries. The brand’s rapid climb is a rare success story in the functional beverage market, driven by a young founding team and an unmet consumer demand for alternatives to traditional caffeine sources.

The origins of PerfectTed trace back to co-founder Marisa Poster’s personal struggle with ADHD and anxiety. Poster discovered that coffee, the default stimulant for millions worldwide, was intensifying symptoms instead of helping. Searching for a gentler answer led her to matcha, a finely ground form of green tea celebrated for calm energy and antioxidant benefits. The beverage was still niche in the United Kingdom at the time, and Poster saw both a gap and an opportunity.

In 2021, Poster joined forces with her husband, Levi Hawken, and brother-in-law, Teddie Hawken, to develop a ready-to-drink matcha product they believed could compete on mainstream shelves. Production began with small-batch formulations and direct consumer feedback, eventually scaling into national visibility when the trio appeared on the BBC show Dragons’ Den. Seeking just 67 thousand dollars to accelerate operations, they walked out with an investment and partnership from entrepreneur and media personality Steven Bartlett. The episode quickly gathered public attention and acted as a launchpad for stronger retail negotiations.

Since then, PerfectTed has expanded aggressively, securing listings in major retailers and hospitality networks across Europe and beyond. The company positions itself at the intersection of clean label beverages and functional wellness, targeting consumers looking to step back from high-sugar, high-caffeine energy drinks.

Today, what began as a personal solution to a health challenge stands as one of the most successful outcomes ever documented on Dragons’ Den, demonstrating the scale of consumer appetite for healthier energy choices and the speed with which an idea can transform into a global enterprise.

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KFC, Pizza Hut, Subway And Haldiram’s Set To Redefine Railway Food As Railways Targets Higher Revenue

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Indian Railways is preparing for one of its most noticeable retail upgrades in years. The national transporter has opened the doors for some of the biggest food chains in the country to set up shop inside railway stations. This means passengers will soon find familiar names like McDonald’s, Pizza Hut, KFC, Haldiram’s, Subway, Baskin Robbins and Bikanervala right on the platforms where they board their trains.

The move aims to change the everyday travel experience for millions of people. Railway stations already see some of the highest foot traffic in India, and officials believe that bringing trusted food brands into these locations will improve both safety and quality for passengers. Instead of relying on random vendors or rushed snacks from stalls, travellers will now have access to better food options that follow standard hygiene rules.

According to officials, this plan is part of a broader push to modernise stations and bring them closer to the level of busy airports. Brands will be allowed to run single label outlets, giving them full control of menu, pricing and service quality. The hope is that this will raise confidence among families, long distance travellers and young commuters who often worry about what to eat during long hours on platforms.

The move is also expected to create new jobs and bring additional revenue to the Railways through leases and commissions. For global chains, it offers a chance to tap into one of the biggest customer bases in the world. For passengers, it means a familiar burger, thali or ice cream during a hectic travel day.

If all goes as planned, the sight of bright signboards and busy counters from major food chains may soon become a normal part of railway life across India.

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Rampur 1943 Virasat: Radico Khaitan Introduces Premium Indian Single Malt Across Select Markets

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Radico Khaitan has expanded its Indian single malt portfolio with the launch of Rampur 1943 Virasat, now available in select markets across Uttar Pradesh, Haryana, and Delhi. Priced between Rs 3,500 and Rs 4,500 per bottle, the company aims to make premium Indian single malts more accessible to enthusiasts and connoisseurs alike.

The new offering is crafted using six-row Indian barley and distilled in newly designed pot stills, incorporating subtle refinements to preserve the signature Rampur DNA. Following maturation in American Bourbon barrels, the whisky is finished in Ruby Port Pipes, creating a layered profile influenced by North India’s extreme climate, where summer temperatures soar to 45°C and winter drops to 2°C. The result is a full-bodied spirit that opens with notes of vanilla, caramel, and toasted oak, progressing to malty richness, tropical fruits, red berries, and stewed fruits, with silky spice and lingering sweetness on the finish.

Amar Sinha, Chief Operating Officer of Radico Khaitan, emphasized the brand’s focus on quality and heritage, stating that Rampur 1943 Virasat reflects the company’s commitment to craftsmanship while broadening access to India’s single malt tradition. Managing Director Abhishek Khaitan added that the whisky embodies the distillery’s legacy since its founding in 1943, highlighting Radico Khaitan’s journey of innovation and excellence.

Radico Khaitan, formerly Rampur Distillery Company, operates distilleries in Rampur, Sitapur, and Aurangabad, Maharashtra, with a total capacity of 321 million litres. The company has 44 bottling units, including five owned facilities, and maintains a strong presence in both domestic and export markets, with brands sold in over 100 countries. Its portfolio includes Rampur Indian Single Malt Whiskies, Jaisalmer Indian Craft Gin, Magic Moments Vodka, and Old Admiral Brandy. Radico Khaitan also supplies branded IMFL to the Canteen Stores Department and continues to strengthen its position as one of India’s largest spirit manufacturers.

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Q3 FY25 Consumption Trends: Jewellery and Value Fashion Surge as Mid-Premium Segment Struggles

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India’s discretionary consumption showed signs of revival in the third quarter of FY25, driven by GST rationalization, festive demand, and improving affordability, according to Gaurav Jogani, Director and Consumer Analyst at JM Financial. Consumer footfalls strengthened from late October as new GST rates came into effect, while festive shopping boosted sales across select categories. The second quarter had been muted due to heavy monsoon rains, anticipation of GST cuts, and cautious consumer sentiment, but October witnessed a sharp rebound. November trends have been mixed, with December expected to sustain healthy demand.

Premium jewellery and value fashion emerged as standout performers. Jewellery sales grew despite a 43 percent year-on-year surge in gold prices, supported by investment-driven demand, attractive exchange schemes, and a shift toward more affordable 18-carat options. Value fashion retailers also reported robust traction, particularly in eastern and northern India, benefiting from an early Navratra season. In contrast, mid-premium and premium apparel brands continued to face headwinds amid high base inflation. Quick-service restaurant chains remained under pressure, with steady footfall but smaller ticket sizes and heavy discounting affecting profitability.

Jogani emphasized that Indian consumers are not structurally downtrading but are increasingly seeking higher value for money. While luxury and super-premium brands like US Polo and Ralph Lauren maintained strong performance, mid-premium players experienced the most pressure as spending polarized toward either end of the price spectrum.

Recovery in QSRs is expected to be gradual, with only low to mid-single-digit same-store sales growth projected in the second half. Jewellery growth is likely to be driven by value rather than volume, as consumers adjust spending patterns to accommodate higher gold prices. Analysts suggest that the market’s revival is uneven, favoring categories that combine affordability with perceived value, while mid-tier discretionary products continue to navigate challenging conditions.

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MasterChow Believes It Can Triple Revenue And Hit INR 72 Crore By FY26

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MasterChow, the ready to cook Asian food brand that has built a loyal following across major Indian cities, is gearing up for its strongest year yet. The company expects its revenue to touch nearly INR 72 crore in FY26, marking a three times jump from its current scale. For a brand that began by trying to bring restaurant style Asian flavours into home kitchens, this sets a new benchmark for growth in the packaged food space.

The founders, seen in the announcement holding bowls of noodles and plates of fresh stir fries, have built the brand with a clear focus on flavour, convenience, and quality. Their line of noodle kits, sauces, and condiments has found a steady audience among young consumers who want quick meals without compromising on taste. What began as a small kitchen project has now turned into a nationwide operation with strong presence on ecommerce platforms and retail shelves.

The company has been expanding its portfolio steadily with new flavours and limited edition products that often sell out within days. According to industry estimates, the ready to cook Asian category has been growing at a double digit pace, driven by rising urban demand and changing food habits. MasterChow has been one of the brands leading this shift, proving that Indian consumers are willing to pay a premium for reliable taste and consistent quality.

To support its ambitious revenue target, the company is planning to deepen its distribution in tier one and tier two cities and is also investing heavily in manufacturing capacity. If it continues to deliver the same pace of innovation and customer engagement, its INR 72 crore goal for FY26 looks well within reach. The energy around the brand suggests that this is only the beginning of what could become one of the biggest success stories in the modern Indian food market.

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