Haldiram's eyes this US sandwich brand to take on Subway, Tim Hortons

The Haldiram Group is now exploring a major shift into western-style quick service restaurants (QSR). The company is in advanced discussions with US-based Inspire Brands to bring its popular sandwich chain Jimmy John’s to India through an exclusive franchise partnership, according to a report by The Economic Times.

The Agarwal family, which owns Haldiram’s, reportedly aims to position the new venture against established international brands such as Subway and Tim Hortons. The goal is to capture India’s growing base of young, aspirational consumers who are increasingly drawn to cafe-style dining and western food formats, the news report said.

Haldiram’s already runs a restaurant business worth nearly ₹2,000 crore, with more than 150 outlets across the country. The proposed QSR operations will be housed under this restaurant vertical once the deal is completed.

A company spokesperson said, "...At this stage, we’re in explorations with Inspire Group about supporting their Sourcing & Fulfilment Value Chains with our extensive 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."

Jimmy John’s global footprint

Founded in 1983, Jimmy John’s is known for its made-to-order sandwiches and wraps. The brand operates over 2,600 outlets across the US, Canada, South Korea, and the UAE. With system-wide sales of $2.6 billion, it ranks among the leading sandwich chains in the US.

Parent company Inspire Brands, which also owns Dunkin’, Baskin-Robbins, Arby’s, Buffalo Wild Wings and Sonic, has been looking to expand internationally through new franchise partnerships. Founded in 2018, Inspire Brands manages a portfolio of 33,000 restaurants across four international markets. The company reported $32.6 billion in system-wide sales in 2024, though it has yet to release its 2025 figures, the news report said.

Haldiram’s growth drive and investor backing

Haldiram’s ambitions in the food services space align with its recent restructuring and funding activities. In April 2025, the group merged its Delhi and Nagpur FMCG businesses to form Haldiram Snacks Food Pvt. Ltd, a move seen as preparation for a potential IPO.

The merger followed investments by global firms Temasek, Alpha Wave Global and International Holding Company (IHC). Temasek bought a 10 per cent stake valuing the company at around $10 billion, while Alpha Wave and IHC together picked up 6 per cent.

According to filings with the Registrar of Companies, Haldiram Snacks Food reported ₹12,800 crore in revenue and ₹1,400 crore in net profit for FY24.

Expanding footprint in India’s fast-growing food market

India’s food services industry continues to expand rapidly. According to a report by the National Restaurant Association of India (NRAI), the sector is expected to grow from ₹5.69 trillion in FY24 to ₹7.76 trillion by FY28. The growth is driven by the rise of dining-out culture, wider use of food delivery apps and a large, youthful consumer base.