Devyani International Limited

Devyani International Limited, incorporated in 1991, is the largest franchisee of Yum Brands in India and one of the largest operators of quick service restaurant chains in the country. As of March 2021, it operated 655 stores across 155 cities under the KFC, Pizza Hut and Costa Coffee brands. The company runs its business across three verticals: its core Yum Brands franchises in India, an international business spanning Nepal and Nigeria, and a portfolio of other owned food and beverage brands including Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar. It is promoted by Ravi Kant Jaipuria and Varun Jaipuria along with RJ Corp Limited, a diversified group with a long history in the Indian food and beverage franchise business. The company's growth has been driven by expanding its store network across Indian cities and building a diversified quick service restaurant portfolio, even as the sector faced disruption from the COVID-19 pandemic in the years leading up to its public listing.

Ahead of the offer, the company raised approximately Rs 824.87 crore from anchor investors, including the Abu Dhabi Investment Authority, Goldman Sachs, the Government of Singapore, Fidelity Funds, Mirae Asset, the Kuwait Investment Authority Fund, ICICI Prudential, Tata Mutual Fund, SBI Life Insurance and HDFC Life Insurance.