In a move to solidify its position in India’s hyper-competitive Quick Service Restaurant (QSR) market, EverBrands, the master franchisee for Subway in India, has raised $15 million (approx. ₹130 crore) in a fresh funding round. The investment, announced on February 13, 2026, was led by Playbook Partners, a growth-stage venture capital firm founded by former Reliance Jio executive Vikas Choudhury.
The deal values Subway India at an estimated ₹2,600–2,800 crore ($310M–$335M) and marks a significant step toward the brand’s eventual public listing.
Funding Breakdown & Valuation
The $15 million infusion saw Playbook Partners acquire roughly a 5% equity stake in the business. Everstone Group remains the majority shareholder, controlling approximately 65–70% of the entity through its subsidiary, Culinary Brands.
| Investor | Stake Acquired | Investment Amount |
| Playbook Partners | ~5% | ~$15 Million (₹130 Cr) |
| Everstone Group | Majority (65-70%) | Existing Stakeholder |
| Norwest Venture Partners | Minority | Existing Stakeholder |
Strategic Roadmap: From 1,000 Stores to 2,000
The capital will be utilized to accelerate store expansion and enhance the digital infrastructure of EverBrands’ multi-brand F&B platform, which also includes Lavazza Coffee and Fresh & Honest.
- Milestone Achievement: Subway India recently crossed the 1,000-store mark in January 2026, with the opening of its landmark outlet in Gurugram.
- Rapid Rollout: The brand has been opening an average of two new stores per week over the last three years. The new funding is expected to push this pace even further, targeting Tier-2 and Tier-3 cities.
- Menu Modernization: Funds are also earmarked for scaling the “Point and Order” menu and “Hot & Cheesy” signature range to move beyond the traditional “cold sandwich” perception in the Indian market.
Eyes on the 2026-27 IPO
This primary capital infusion is widely seen as a “pre-IPO” round. Following the successful public listings of peers like Devyani International (KFC, Pizza Hut) and Restaurant Brands Asia (Burger King), Everstone Group is reportedly preparing Subway India for an IPO in late 2026 or early 2027.
The entry of Playbook Partners—known for scaling tech-enabled businesses—suggests a pivot toward a “digital-first” strategy, focusing on high-margin delivery channels which now account for nearly 60% of QSR sales in urban India.
“Subway is an iconic brand that is currently undergoing a massive structural transformation in India. This investment allows us to back a proven management team as they scale to the next 1,000 stores.” — Vikas Choudhury, Founder of Playbook Partners.
