Inspira Global has completed acquisition of control in Restaurant Brands Asia Ltd (RBA), the operator of Burger King in India and Burger King and Popeyes in Indonesia. With a total investment of Rs 2,235 crore, the transaction marks one of the largest transactions in India's quick-service restaurant (QSR) sector.
The transaction was concluded after the successful completion of the mandatory open offer, receipt of the requisite regulatory approvals and fulfilment of customary closing conditions in accordance with applicable regulations, the company said in a statement.
Following the acquisition, Inspira Global, through its food and beverage platform Lenexis Foodworks Pvt. Ltd., now holds a 41.78 per cent stake in Restaurant Brands Asia. The company said its total aggregate shareholding will increase to 48.04% after the exercise of all warrants, backed by an additional equity infusion of Rs 450 crore.
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The board has also appointed Madhusudan Agrawal as chairman and Aayush Agrawal as a non-executive director.
Restaurant Brands Asia will continue to operate the Burger King and Popeyes brands under its existing master franchise and development agreements with Restaurant Brands International Inc. The Burger King franchise agreements for India and Indonesia have been extended until 2050, providing long-term visibility for the business and reinforcing RBA's growth ambitions across India and Indonesia.
Commenting on the acquisition, chairman Madhusudan Agrawal said the company aims to build on the business's existing strengths through patient capital, disciplined governance and a long-term approach while working closely with the current leadership team.
"We are inheriting a business built on strong brands, exceptional people and sound operating fundamentals. Our role is not to change what has made the business successful, but to strengthen it with patient capital, disciplined governance and a long-term perspective. We are committed to working closely with the existing leadership team to build on this strong foundation and create enduring value for our shareholders, employees, franchise partners and customers," she said.
Aayush Agrawal, director at Restaurant Brands Asia, stated, "This acquisition reflects our conviction in India's long-term consumption story and our belief that enduring businesses are built through operational excellence, customer obsession and disciplined execution.
"We have tremendous respect for what the existing leadership team has built and look forward to working together to accelerate the next phase of growth to build one of the most admired food service businesses in the region."
The company said the fresh capital and leadership changes will support expansion of its restaurant network, investments in technology and digital capabilities, operational improvements and long-term value creation.
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The acquisition comes as Restaurant Brands Asia has shown improving financial performance. The company reported consolidated revenue of Rs 2,823 crore in FY26, up 10.7% year-on-year.
In India, Burger King recorded a 15.4% increase in revenue to Rs 2,272 crore during FY26, supported by the addition of 68 net new restaurants, taking its total store count to 581. Same-store sales grew 4% for the year, while fourth-quarter same-store sales growth accelerated to 6.3%, the strongest performance in the past 12 quarters, driven by value-led offerings and menu innovation.
Restaurant Brands Asia also narrowed its consolidated net loss to Rs 129 crore in FY26 from around Rs 277 crore in the previous financial year, aided by improved profitability in its India business.
