EverBrands India Limited, formerly known as Culinary Brands Private Limited, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). Mint first broke the story on the proposed IPO in March.
The company operates as a multi-brand food and beverages (F&B) platform comprising globally recognised and legacy brands, including Subway, Lavazza, Dilmah and its own brand, Fresh & Honest. Its business is organised across two key verticals.
The IPO comprises a fresh issue of shares aggregating up to ₹600 crore. The company plans to use the proceeds to invest in its wholly owned subsidiary, Culinary Brands India Private Limited (CBIPL), primarily towards repayment and/or prepayment of outstanding borrowings and capital expenditure for setting up new Subway stores under the company-owned, company-operated (COCO) format, as well as for general corporate purposes.
Of the total proceeds, ₹125 crore is proposed to be utilised for repayment/pre-payment of CBIPL’s borrowings, while ₹326.85 crore will be allocated towards setting up new Subway COCO stores.
Motilal Oswal Investment Advisors Limited, ICICI Securities Limited, and Nuvama Wealth Management Limited serve as the Book Running Lead Managers for the offering.
Subway network expands as QSR revenue rises
As of March 31, 2026, EverBrands operated 1,008 Subway stores across India, comprising 678 company-owned, company-operated (COCO) stores and 330 franchise-owned, franchise-operated (FOFO) stores, as well as 8 FOFO stores in Sri Lanka. Its COCO network in India expanded significantly, from 311 stores in FY24 to 434 in FY25 and 678 in FY26.
The expansion was accompanied by strong growth in the QSR vertical, with revenue from operations rising to ₹693.09 crore in FY26, up from ₹480.38 crore in FY25 and ₹355.31 crore in FY24.
Coffee machine base expands; beverage revenue grows
EverBrands’ installed coffee machine base also increased to 9,455 machines as of 31 March 2026, up from 8,322 a year earlier and 7,217as of 31 March 2024. Revenue from operations in the beverages vertical rose to ₹240.57 crore in FY26, from ₹206.36 crore in FY25 and ₹172.16 crore in FY24.
India’s organised food services market seen growing
The company operates in India’s food services market, which, according to the TKC Report, was valued at ₹5,613 billion in FY25 and is projected to reach ₹9,088 billion by FY30, implying a 10.1% CAGR. Within this, the organised food services segment is expected to grow at a faster 13.5% CAGR, from ₹2,798 billion in FY25 to ₹5,273 billion by FY30.
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