Sapphire Foods India Limited

Sapphire Foods India Limited is one of the largest franchise operators for Yum! Brands in the Indian subcontinent, running KFC, Pizza Hut and Taco Bell outlets. The company was formed in 2015 through the acquisition of a base of KFC and Pizza Hut stores in India and Sri Lanka, and has since grown into one of the largest organized restaurant chains across its markets. As of its listing, the company operated roughly 200 KFC restaurants across India and the Maldives, around 230 Pizza Hut restaurants spanning India, Sri Lanka and the Maldives, and a small number of Taco Bell outlets in Sri Lanka, together totaling more than 400 stores. In Sri Lanka specifically, the company held the position of largest international quick-service restaurant chain by both revenue and outlet count. The business operates on an asset-light franchise model, benefiting from the established global brand recognition of KFC, Pizza Hut and Taco Bell while building its own operating scale, supply chain and store network across its three-country footprint. Like much of the restaurant sector, its performance was materially affected by pandemic-related disruptions to dine-in and store operations in the years leading up to its listing.

Ahead of the IPO, the company raised approximately Rs 933 crore from anchor investors at the issue price, with participation from a mix of domestic mutual funds and insurers and marquee global institutional investors including sovereign and pension funds.