Quick service restaurant (QSR) chain Subway on November 2 announced its master franchisee partnership with Everstone Group in India. The company is eyeing massive expansion in India and neighbouring countries such as Sri Lanka and Bangladesh.
Terming the partnership as “the largest ever franchise agreement in QSR history”, the company said it will open more than 2,000 new restaurants in India, Sri Lanka, and Bangladesh in the next ten years.
“Everstone, with expertise in growing and building brands in India and South Asia, will lead Subway on an ambitious growth trajectory, with a commitment to more than triple the number of restaurants in 10 years from the nearly 700 locations that exist today,” the company said in a press note.
Everstone Group has the master franchisee of Burger King India, Burger King Indonesia, and Domino’s Indonesia, amongst other investments in this space.
The new restaurants — as well as upgrades to existing locations — will adopt the company’s new, modern, and inviting “fresh forward” design and meet the needs of today’s consumer with comfortable guest indoor dining spaces as well as numerous delivery and order-ahead options, with a strong digital-first strategy.
“Today’s announcement represents a significant step in Subway’s transformation journey and global expansion plans,” said John Chidsey, chief executive officer of Subway. “Everstone, with extensive knowledge and proven restaurant operational expertise in the region, is the ideal partner as we begin this new chapter for Subway in India and South Asia.”
This new agreement with Everstone is part of Subway’s multi-year transformation journey to improve the brand as the business expands its presence around the world. In Europe, the Middle East and Africa, Subway plans to double its number of restaurants across the region in the coming years and is looking at more partnerships in the region.
Subway serves made-to-order sandwiches, wraps, salads, and bowls across more than 100 countries in nearly 40,000 restaurants.
Subway restaurants are owned and operated by Subway franchisees – a network that includes more than 20,000 dedicated entrepreneurs and small business owners.
Everstone is one of Asia’s premier investment groups focused on cross-border North America-Asia investments and domestic investments in India and Southeast Asia. The group has assets in the excess of $6 billion across private equity, real estate, credit, green infrastructure, and venture capital.