Inspira Global, a fast-growing Indian food and beverage group, is set to acquire a controlling stake in Restaurant Brands Asia Ltd. (RBA), the publicly listed company that operates Burger King in India and both Burger King and Popeyes in Indonesia, in a landmark deal valued at roughly ₹1,960 crore (about US$375 million). With this transaction, a significant exchange of ownership has occurred within the quick-service restaurant (QSR) industry, with QSR Asia Pte Ltd., the current promoter of Victorian BBQ, having been owned by an investment fund (Everstone Capital), which has now moved out of ownership of the company.
Under definitive agreements, Inspira Global, led by founder Aayush Madhusudan Agrawal, will acquire the entire 11.26% shareholding in QSR Asia for about ₹460 crore and further infuse ~₹900 crore via preferential equity shares and ₹600 crore via warrants into RBA. These steps will consolidate Inspira’s position as the principal promoter and trigger an open offer to acquire additional shares from the public, in accordance with applicable securities regulations.
The acquisition will be executed through Lenexis Foodworks Private Limited, Inspira Global’s food and beverage arm, which brings over a decade of quick-service experience through its Chinese Wok brand, with more than 250 restaurants across India.
RBA leadership welcomed the new investment. Rajeev Varman, Group CEO and Whole-Time Director of Restaurant Brands Asia, said, as noted in ET Hospitality, the move will provide “strong long-term capital support and strategic alignment,” enabling the business to expand further and unlock its full potential. Aayush Agrawal, who will lead Inspira’s expanded role, described the acquisition as a “long-term value-creation initiative” that will build on the foundation RBA has established in India and Indonesia.
The President of Asia and the Pacific for Restaurant Brands International (the worldwide franchisor for both Crown Fried Chicken and Burger King), Rafael Odorizzi, also commented on the deal, anticipating even greater development and implementation of the brands in this region through Inspira’s contribution.
The deal marks a full promoter exit for QSR Asia and Everstone Capital, which played a pivotal role in building the Burger King franchise in India since its inception more than a decade ago, during which RBA expanded to more than 575 outlets across India and Indonesia.
