India's largest ethnic food service company is poised to take a significant leap into the Western-style Quick Service Restaurants (QSR) segment. The Haldiram Group is in talks with US-based Inspire Brands for an exclusive franchise agreement for introducing the popular American sandwich chain, Jimmy John's, in India, people close to the development said.
Talks with Inspire Brands for franchise tie-up
Inspire Brands, one of the world’s largest restaurant groups, has a portfolio of global food chains like Dunkin’, Baskin-Robbins, Arby’s, Buffalo Wild Wings, and Sonic. Two of its brands-Dunkin’ and Baskin-Robbins- already have a presence in India through franchise deals with Jubilant FoodWorks Ltd (JFL) and the Graviss Group, respectively.
As per a report by the Economic Times, if finalised, the deal will mark Haldiram's foray into western QSR and set the company up for competition against international players such as Subway, Tim Hortons, and Starbucks.
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Targeting young, urban consumers
According to the report, one of the members said that Haldiram's founding family, the Agarwals, wants to cash in on the aspirations of a young, urban India keen on modern cafe and sandwich formats. The QSR business will be a standalone firm and not linked with the packaged food business of Haldiram's.
While the group's FMCG operations are housed under Haldiram Snacks Food Pvt Ltd, the QSR chain will be part of its restaurant business that already operates more than 150 outlets across the country.
‘At exploratory stage,’ says Haldiram’s
A Haldiram's spokesperson confirmed that the company was in discussions with Inspire Brands but described the talks as preliminary. “At this stage, we’re in explorations with Inspire Group about supporting their sourcing and fulfilment value chains with our international culinary supply ecosystem, especially as they continue to expand their global footprint. We believe this is the foundation of a solid partnership, but at this stage, all other forays are purely conjectural”, the Economic Times quoted the spokesperson as saying in an email on Monday. Reportedly, Inspire Brands did not immediately respond to an email seeking comment.
Jimmy John's: Leading US sandwich chain
Founded in 1983, Jimmy John's operates over 2,600 restaurants across the US, Canada, South Korea, and the UAE. The chain is known for its fast delivery model and fresh, made-to-order sandwiches. In the US, it is the largest owned delivery sandwich brand, generating $2.6 billion in total system sales, according to company data.
Michael Haley, president and managing director of international operations at Inspire Brands, said in recent months that the company wants to expand Jimmy John's footprint globally through international franchise agreements, the Economic Times reported.
“For 40 years, Jimmy John's has taken a straightforward approach to making quality sandwiches, and it's now time to share them with the world,” Haley said, adding, “We're confident this brand is primed for extensive international growth.”
Growth of Haldiram's and global partnerships
As per the Economic Times report, the snack-and-sweet seller, Haldiram's, reported revenue of ₹12,800 crore and a net profit of ₹1,400 crore in FY24, according to company filings. Last year, in 2025, the group merged its Delhi and Nagpur FMCG operations into a single entity, Haldiram Snacks Food Pvt Ltd, as part of its restructuring ahead of a potential public listing.
The merger came after the sales of minority stakes to Temasek, Alpha Wave Global, and International Holding Company. At a valuation of about $10 billion, Temasek took a 10% stake, while Alpha Wave and IHC collectively acquired 6% each.
As per an estimate report by the National Restaurant Association of India (NRAI), the food services market is expected to grow from ₹5.69 lakh crore in FY24 to ₹7.76 lakh crore by FY28, attributing the drive to a demographic boost of young consumers, an increasing dining-out culture, as well as the rapid proliferation of food delivery platforms that enhance last-mile access.
