Bodhi Tree invests $180 million for majority stake in Adyar Ananda Bhavan

Bodhi Tree Systems, the investment platform of James Murdoch's Lupa Systems and Uday Shankar, has invested $180 million for a majority stake in Adyar Ananda Bhavan (A2B), marking a major push to transform one of South India's most trusted food brands into a global Indian ethnic food champion.

The strategic partnership will help A2B scale its restaurant and packaged food businesses across India and international markets, while strengthening its leadership, digital capabilities and manufacturing infrastructure. Uday Shankar will serve as chairperson of A2B's new board of directors.

Founded by brothers K.T. Srinivasa Raja and K.T. Venkatesan, A2B has evolved from a sweet shop into one of South India's leading food brands, with a strong presence in Tamil Nadu and Karnataka and a growing footprint across the country. The company operates 160 outlets in India and more than 30 internationally, employing over 15,000 people.


Its businesses span casual dining, packaged South Indian sweets and savouries, with international operations in Singapore, the United States, Australia, Malaysia and the UK.

"A2B has earned the trust of millions of families through its consistent and reliable quality," said James Murdoch and Uday Shankar, co-founders of Bodhi Tree Systems.

"We are grateful to the co-founders, K.T. Srinivasa Raja and K.T. Venkatesan, for this opportunity to partner with them to build a differentiated, professionally managed Indian food company, one that sets new standards for the sector. While A2B is a formidable brand in India, we are equally impressed by the scale and reach of its operations in Singapore, the United States, Australia, Malaysia, and the UK. We look forward to working with the team to take its authentic cuisine to a far broader global audience," they said.

For A2B's promoters, the partnership marks the next phase in the company's growth after nearly five decades of building the brand.

"What began as a sweet shop started by my brother and me 50 years ago is now part of daily life for millions of families, and we are proud of every one of our people who made that possible," said K.T. Srinivasa Raja, co-founder of A2B.

"We are excited to begin this next chapter with Bodhi Tree. The plan we have built together will make A2B a company fit for the public markets, so that our customers, employees and investors can share in its future," he added.

K.T. Venkatesan, co-founder of A2B, said the partnership would bring together the company's established brand and operating strengths with Bodhi Tree's experience in building consumer businesses.

"We are delighted to welcome Bodhi Tree as our partner. James and Uday bring deep experience in building consumer businesses at scale. Together, we look forward to creating new opportunities for our people and taking A2B into many more homes," he said.

The partnership will focus on strengthening A2B's leadership and talent, building digital capabilities and modernising its kitchens and manufacturing facilities to global standards. It will also seek to expand the company's range of healthy and nutritious food products and grow its restaurant and packaged food businesses across India and international markets.

For Bodhi Tree, A2B is its third investment after ALLEN Career Institute and JioStar. The investment platform partners with businesses that create enduring social value, particularly established companies in consumer sectors that are approaching an inflection point.

Veda Corporate Advisors acted as the exclusive financial adviser to A2B, while Khaitan & Co served as its legal adviser.

For Bodhi Tree Systems, Ernst & Young provided financial and tax due diligence services, while Alvarez & Marsal undertook commercial due diligence. Trilegal acted as legal adviser and Moelis & Company as transaction adviser.