The transaction will be executed inter-alia through Lenexis Foodworks Private Limited, Inspira Global’s food and beverage arm that has over a decade of experience in the Quick Service Restaurants (QSR) space, owning and operating 250+ Chinese Wok restaurants across 45+ cities in India. In addition to
acquiring the entire 11.26% shareholding of QSR Asia Pte. Ltd. for ~Rs. 460 crore, Inspira Global proposes to infuse ~Rs. 900 crore through a preferential allotment of equity shares and ~Rs. 600 crore through the preferential allotment of warrants. These transactions will trigger an open offer to public shareholders of RBA. The proposed transaction is subject to the fulfilment of customary conditions precedent, including the receipt of applicable shareholders’ and regulatory approvals, including from the Competition Commission of India, and will be in accordance with the SEBI Takeover Regulations.

Speaking about this development, Rajeev Varman, Whole-time Director and Group Chief Executive Officer, Restaurant Brands Asia, remarked, “We are excited to welcome Aayush Agrawal and Inspira Global as our new promoter. With their strong track record of value creation in India, long-term capital support, and strategic alignment, we believe this will enable us to continue our strong growth journey. RBA will continue to operate with its existing leadership team, operational structure, and brand identity fully intact as we remain firmly focused on executing our growth plans.”

Commenting on the development, Aayush Madhusudan Agrawal, Inspira Global, said, “We have significant admiration for the work done by the RBA team in building the business so far. We see this acquisition as a long-term value creation initiative through focused, sustainable growth and realizing the true potential offered by the market. We will continue to build and grow this business, in

line with the vision of RBA, and are excited to work together with the existing management team. The investment strengthens Inspira Global’s focus on consumer businesses and deepens our presence in the high-growth QSR segment, aligned with our emphasis on brand stewardship, operational excellence, and disciplined capital deployment.”

Rafael Odorizzi, President Asia-Pacific, Restaurant Brands International, the owner of the Burger King and Popeyes brands, added, “We are pleased with Inspira Global’s commitment to making a significant investment in RBA and look forward to working with them as long-term partners. Building on the solid operational foundation established by the existing management team, we believe this partnership can take the business to new heights.”

Reflecting on the journey of building Burger King in India since its inception, Sameer Sain, Co-Founder & Group CEO, Everstone Group, said, “We opened India’s first Burger King 12 years ago with a distinctive menu, an exceptional management team, and the ambition to build a marquee QSR brand. Today, with over 575 outlets, those foundations remain firmly in place, and the business is well positioned for its next phase of growth. As Everstone’s journey concludes, we pass the baton to an exceptional new promoter, who is demonstrating deep commitment to the business and a clear, long-term vision.”

The transaction was advised by Bathiya Advisors and Motilal Oswal Investment Advisors Limited is manager to the open offer.

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Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter was at Rs 749 million, growing by 36%. EBIDTA margin was at 15.3% rising by 2.8%, over the same quarter in the preceding year.

Same-store sales grew 5.1% aided by a strong focus on value offerings. The company increased its footprint in India to 513 restaurants, adding 58 restaurants from the same period a year ago. Further, it added 113 BK Cafés in its existing and new stores, taking the total café count to 464.

Rajeev Varman, Whole-time Director and Group Chief Executive Officer of RBA commented, “I am proud of the efforts of our teams who helped drive growth in sales and another quarter of improved profitability. We have introduced attractive value offerings that helped our performance, especially in dine-in traffic and sales. We aim to leverage our strong customer value proposition and stride ahead with our restaurant growth strategy.

From a development standpoint, we will continue to expand our footprint across the country and increase our Burger King restaurants in India from 513 to around 800 by FY29.”

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