Chinese Wok outlets owner to acquire controlling stake in Burger King India operator

Restaurant Brands Asia Ltd (RBA), which operates Burger King in India and Burger King and Popeyes in Indonesia, has agreed to sell a controlling stake to Inspira Global, marking one of the most significant ownership changes in India’s quick service restaurant (QSR) sector in recent years.

Under the definitive agreements announced on Friday, Inspira Global will acquire control of RBA through its food and beverage arm, Lenexis Foodworks Private Limited. The investment will include the acquisition of the entire 11.26% stake held by existing promoter QSR Asia Pte. Ltd.-majority owned by Everstone Capital, for about Rs 460 crore.

In addition, Inspira Global plans to inject fresh capital into the company, proposing a Rs 900 crore infusion through a preferential allotment of equity shares and a further Rs 600 crore via preferential warrants. The transactions will trigger an open offer to RBA’s public shareholders, in line with regulatory requirements.

Lenexis Foodworks brings more than a decade of experience in the QSR space and currently owns and operates over 250 Chinese Wok outlets across more than 45 cities in India.

RBA’s management said the change in ownership would not affect the company’s operations or leadership. “We are excited to welcome Aayush Agrawal and Inspira Global as our new promoter,” said Rajeev Varman, Whole-time Director and Group CEO of Restaurant Brands Asia. “With their long-term capital support and strategic alignment, we believe this will help us continue our growth journey. RBA will operate with its existing leadership team, operational structure and brand identity fully intact.”

Aayush Madhusudan Agrawal of Inspira Global said the firm views the acquisition as a long-term bet on India’s consumption story. “We see this as an opportunity for sustainable growth and unlocking the true potential of the market,” he said, adding that the deal strengthens Inspira’s focus on consumer businesses and deepens its presence in the high-growth QSR segment.

The transaction comes amid a broader wave of consolidation in India’s fast-food industry. Just weeks earlier, Devyani International Ltd and Sapphire Foods India Ltd approved a merger that will create a unified Yum! Brands franchisee in India for KFC and Pizza Hut.

As consumer spending shows signs of slowing and input and operating costs continue to rise, industry experts say QSR companies are increasingly turning to fresh capital, consolidation and menu innovation to protect margins and sustain growth in one of the world’s most competitive food markets.