Playbook Partners buys 5% in Subway India for Rs 130 crore

Mumbai | New Delhi: Playbook Partners India, a growth-stage venture capital firm founded by former Reliance Jio executive Vikas Choudhury, has acquired about a 5% stake in quick-service restaurant (QSR) chain Subway India for about '130 crore, said people familiar with the matter.

The transaction valued Subway India at Rs 2,600-2,800 crore, the people said. Subway India, backed by the Everstone Group, operates more than 1,000 outlets across the country. Everstone owns around 65-70% of the business through unit Culinary Brands-the master franchisee for Subway in India, Sri Lanka, and Bangladesh.

VC firm Norwest Venture Partners also holds a minority stake, the people said. The investment comes as Everstone-controlled Subway India explores a potential public listing over the next few years. This would make Subway the latest global QSR brand to list in India, joining peers such as Devyani International (KFC, Pizza Hut), Jubilant FoodWorks (Domino's), Westlife Foodworld (McDonald's) and Restaurant Brands Asia (Burger King). Choudhury, who served as president at Reliance Jio between 2017 and 2022, has backed several Indian startups including InMobi, Myntra, Fractal, Nazara, PolicyBazaar, and Rapido. A prominent venture investor and founder of family office fund Pivot Ventures, he started Playbook Partners in 2024.


Playbook, which is targeting a $250 million Playbook India Fund II, completed the first close at $130 million. The firm plans to invest $15-20 million in each portfolio company, with a target of around 20 investments, according to its website. Culinary Brands, besides Subway, also manages coffee brands Lavazza and Fresh & Honest in India.