The Haldiram Group, India’s biggest ethnic food services business, is aiming to open western-style fast service dining establishments (QSR) and remains in talks with US-based worldwide dining establishment group Inspire Brands for a special franchise pact to present the latter’s sandwich chain Jimmy John’s in India, stated individuals straight knowledgeable about the advancements.
2 other worldwide brand names owned by Inspire Brands, worldwide coffee and donut chain Dunkin’ and ice-cream and cake store Baskin-Robbins, currently run in India through special franchise collaborations with Jubilant FoodWorks Ltd (JFL) and Graviss Group, respectively.
“The creator household of Haldiram’s, the Agarwals, wish to take on worldwide brand names such as Subway and Tim Hortons, along with use the growing, aspirational more youthful customer sectors which take high affinity to western cafe-style formats,” among the individuals stated.
While the group’s FMCG entity is called Haldiram Snacks Food Pvt Ltd, the QSR chain will be housed under the dining establishment service, if the offer is formalised. Haldiram’s almost Rs 2,000-crore dining establishment organization presently runs more than 150 outlets in India.
“At this stage, we’re in explorations with Inspire Group about supporting their sourcing and fulfilment value chains with our international culinary supply ecosystem, especially as they continue to expand their global footprint. We believe this is the foundation of a solid partnership, but at this stage, all other forays are purely conjectural,” a Haldiram’s spokesperson said in an email, on Monday.
Inspire Brands did not respond to an email seeking comment.
Founded in 1983, Jimmy John’s is a Subway-style sandwich and wrap chain with over 2,600 restaurants across the US, Canada, South Korea, and the UAE. In the US, Jimmy John’s is the largest owned delivery sandwich brand with total system sales of $2.6 billion, according to its website.
A multi-brand restaurant company, Inspire Brands’ leadership has said in recent post-earnings management commentary that it wants to expand to new markets through international franchise agreements.
“For 40 years, Jimmy John’s has actually taken an uncomplicated method to making quality sandwiches and it’s now time to share them with the world,” Michael Haley, president and managing director, international for Inspire Brands, said in a recent earnings call. “We’re confident this brand is primed for extensive international growth,” he added.
This April, Kamal Agrawal, one of the founding family members of Haldiram’s, had led a funding round of Rs 150 crore in Wow! Momo, through his family office.
Inspire Brands, founded in 2018, currently operates in four global markets, reported global system sales of $32.6 billion and had a footprint of 33,000 restaurants as of 2024. The group has not announced its 2025 numbers yet. Its portfolio also includes fast food chain Arby’s, sports bar Buffalo Wild Wings, and drive-in chain Sonic.
Filings to the Registrar of Companies showed Haldiram Snacks Food reported a revenue of Rs 12,800 crore in FY24, and net profit of Rs 1,400 crore.
In April 2025, Haldiram’s merged its Delhi and Nagpur FMCG businesses to form a single entity, Haldiram Snacks Food Pvt Ltd, as a precursor to a potential public listing.
The formalisation of the merger followed the snacks maker selling minority stakes to global investors Temasek, Alpha Wave Global, and International Holding Company (IHC). Temasek had acquired a 10% stake in the business at a valuation of around $10 billion. Alpha Wave and IHC bought a combined 6% stake.
A National Restaurant Association of India (NRAI) report estimated India’s food services market to grow to Rs 7.76 lakh crore by FY28, from Rs 5.69 lakh crore in FY24. The report attributed the increase to a growing base of younger consumers, steady increase in dining-out, and food delivery platforms facilitating last-mile delivery.
