The Haldiram Group, an ethnic food company, is in advanced talks with US-based Inspire Brands to introduce its popular sandwich chain, Jimmy John’s, to the Indian market. People familiar with the development said discussions are centred around an exclusive franchise partnership that would allow Haldiram’s to run the brand’s outlets across India, as reported by ET.
Haldiram’s has denied this claim categorically. “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.” Haldirams spokesperson said.
The move marks Haldiram’s first major step into western-style quick-service restaurants (QSRs) as it looks to diversify beyond its traditional sweets-and-snacks portfolio. As per media reports, the company aims to compete with established global players such as Subway and Tim Hortons while catering to India’s increasingly young and aspirational consumers who favour café-inspired formats.
If finalised, the new venture will be part of Haldiram’s restaurant division, currently valued at about Rs 2,000 crore and operating over 150 outlets across the country. This business is separate from its packaged foods entity, Haldiram Snacks Food Pvt Ltd.
Jimmy John’s Global Playbook
Founded in 1983, Jimmy John’s operates more than 2,600 sandwich and wrap restaurants across the United States, Canada, South Korea, and the UAE. The brand is the largest owned delivery sandwich chain in the US, with system-wide sales of $2.6 billion, according to ET.
Its parent company, Inspire Brands, manages a multi-brand global restaurant portfolio that includes Dunkin’, Baskin-Robbins, Arby’s, Buffalo Wild Wings, and Sonic. The group reported $32.6 billion in system-wide sales in 2024, with a network of 33,000 restaurants across four markets.
Two Inspire Brands franchises, Dunkin’ and Baskin-Robbins, already operate in India through exclusive partnerships with Jubilant FoodWorks Ltd and the Graviss Group, respectively. Inspire Brands has been expanding aggressively through international franchise models.
“For 40 years, Jimmy John’s has taken a straightforward approach to making quality sandwiches, and it’s now time to share them with the world,” said Michael Haley, president and managing director, international, at Inspire Brands, during a recent earnings call. “We’re confident this brand is primed for extensive international growth.”
Restructuring and investor backing
For Haldiram’s, the potential partnership coincides with a broader corporate restructuring. In April 2025, the group merged its Delhi and Nagpur FMCG businesses into a single entity, Haldiram Snacks Food Pvt Ltd, as a preparatory step towards a possible public listing.
According to filings with the Registrar of Companies, the merged entity reported revenue of Rs 12,800 crore and a net profit of Rs 1,400 crore for FY24, ET mentioned.
The snack maker has also attracted a roster of global investors. Singapore’s Temasek recently acquired a 10% stake in Haldiram Snacks Food at a valuation of around $10 billion. In comparison, Alpha Wave Global and Abu Dhabi-based International Holding Company (IHC) purchased a combined 6% stake.
The National Restaurant Association of India (NRAI) projects the market to grow to Rs 7.76 lakh crore by FY28 from Rs 5.69 lakh crore in FY24, driven by younger consumers, higher disposable incomes, and the rise of food delivery platforms. Earlier this year, Kamal Agrawal, one of Haldiram’s founding family members, led a Rs 150 crore investment in Wow! Momo, through his family office.