The company operates across F&B categories, and the platform comprises the two verticals
FinTech BizNews Service
Mumbai, 29 September, 2026: EverBrands India Limited (formerly known as Culinary Brands Private Limited), a multi-brand food and beverages (“F&B”) platform comprising globally recognized and legacy brands - Subway, Lavazza, Dilmah and its owned Fresh & Honest brand, has filed its DRHP with SEBI for an IPO. The company operates across F&B categories, and the platform comprises the following two verticals –
Quick service restaurants (“QSR”) vertical: The Company holds exclusive master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh.
Beverage vertical: The company’s beverages vertical operates as a full-spectrum, integrated, multi-brand beverages platform comprising premium international brands such as Lavazza coffee and Dilmah tea as well as its owned home-grown value-driven Fresh & Honest coffee brand. As a part of this vertical, EverBrands is the exclusive brand partner for Lavazza and Dilmah in India for their coffee and tea products, respectively.
The IPO comprises a fresh issue aggregating up to Rs600 crore.
The proceeds from the fresh issue are proposed to be utilised towards investment in its wholly-owned subsidiary, Culinary Brands India Private Limited (“CBIPL”), for repayment and/or pre-payment of certain outstanding borrowings and funding capital expenditure for setting up new Subway stores under the company-owned-company-operated (“COCO”) format, along with general corporate purposes. The company proposes to deploy Rs125 crore towards repayment/pre-payment of CBIPL’s borrowings and Rs326.85 crore towards setting up new Subway COCO stores.
Each brand in the company’s portfolio has a distinct positioning within its respective category - Subway is the second-largest QSR chain globally as of December 31, 2025 and the third-largest in India by store count as of March 31, 2026. It differentiates itself from other leading QSR players through its fresh, made-to-order, and highly customizable food offering. Lavazza is a globally recognized, authentic Italian coffee brand known for its premium espresso blends, with over 130 years of Italian heritage and a premium positioning. With a presence in over 100 countries, Dilmah has established a strong global footprint and, with over 40 years of expertise, specializes in single-origin teas aimed at offering an authentic, high-quality tea experience. The brand serves marquee food service customers including Marriot, Hyatt and other such players, providing a strong platform to accelerate growth across the HoReCa segment. Fresh & Honest coffee provides Indian coffee through the company’s B2B business and vending machines and has over 29 years of experience serving corporate and retail consumers seeking value-driven Indian coffee, enabling the company to serve a wide range of customer touchpoints and consumption occasions.
As of March 31, 2026, EverBrands had 1,008 Subway stores across India, comprising 678 COCO stores and 330 franchise-owned-franchise-operated (“FOFO”) stores, and 8 FOFO stores in Sri Lanka. Its COCO store network in India increased from 311 stores as on March 31, 2024, to 434 stores as on March 31, 2025 and 678 stores as on March 31, 2026. The QSR vertical generated revenue from operations of Rs693.09 crore in FY26, compared with Rs480.38 crore in FY25 and Rs355.31 crore in FY24.
The company’s installed coffee machine base increased to 9,455 machines as of March 31, 2026, from 8,322 machines as of March 31, 2025 and 7,217 machines as of March 31, 2024. Revenue from operations from the beverages vertical increased to Rs240.57 crore in FY26, from Rs206.36 crore in FY25 and Rs172.16 crore in FY24.
The company operates in India’s food services market, which, according to the TKC Report, was estimated at Rs5,613 billion in FY25 and is projected to reach Rs9,088 billion by FY30, representing a CAGR of 10.1%. Within this, the organised food services segment is projected to grow at a CAGR of 13.5%, from Rs2,798 billion in FY25 to Rs5,273 billion in FY30.
Motilal Oswal Investment Advisors Limited, ICICI Securities Limited and Nuvama Wealth Management Limited are the Book Running Lead Managers to the issue.
