Subway Inks 10-Year, 2,000-Unit Deal for India, Sri Lanka, & Bangladesh
Subway this month announced it had signed a master franchise agreement with Everstone Group, a South Asia-focused private investment firm. The agreement to build 2,000 restaurants over 10 years, is one of the largest master franchise agreements in QSR history.
“We strongly believe that our significant experience in the QSR space, our strong digital focus, our ability to innovate, as well as our proven execution capabilities, will enable Subway to become a dominant player in the region,” said Sameer Sain, founder and CEO of Everstone Group.
“Today’s announcement represents a significant step in Subway’s transformation journey and global expansion plans,” said Subway’s CEO John Chidsey. “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.”
“The scale of this agreement is unprecedented and will ensure that Subway’s presence across India will more than triple over the next 10 years,” said Subway’s EMEA President Mike Keho. “We’ve seen huge demand from existing Subway guests in India.”
The new restaurants will adapt the company’s new “Fresh Forward” design to meet the needs of today’s consumers with indoor dining spaces, numerous delivery and order ahead options, and a strong digital-first strategy.
According to the company, this new agreement with Everstone is part of Subway’s multi-year transformation journey to improve across all aspects of the brand as the business expands its presence around the world. In EMEA, Subway plans to double its number of restaurants across the region in the coming years and will continue to seek strong partners.
Everstone, one of Asia’s premier investment groups, focuses on cross-border North America–Asia investments and domestic investments in India and Southeast Asia. The group has assets in excess of US$6 billion across private equity, real estate, credit, green infrastructure, and venture capital. Within the QSR space, Everstone continues to be the master franchisee of Burger King India, Burger King Indonesia, and Domino’s Indonesia, among other investments in this space.
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