Roundup · Commerce & Consumer Brands

EverBrands secures $15M from Playbook Partners

By Startup Enthusiast · 13 February 2026

What they do

Playbook Partners acquired a 5% stake in EverBrands through this deal

This is Playbook Partners' third India investment since its fund first close

Subway India recently crossed the 1,000 stores milestone

EverBrands has raised $15 million in a new funding round.
The round was led by Playbook Partners.
This is the third India investment for Playbook since its fund first close.
Playbook acquired a 5% stake in the company through this deal.
The valuation of the Subway India parent entity is approximately Rs 2,600–2,800 crore.
Vikas Choudhury serves as the founder and managing partner of Playbook Partners.
He is an ex-Reliance Jio executive who manages a $250 million fund.
The news highlights EverBrands' continued expansion in the Indian market.

Subway India has crossed the 1,000 stores milestone.
The brand added an average of two outlets per week over the past three years.
Playbook Partners is actively deploying capital in the Indian consumer sector.
The investment signals confidence in the QSR (Quick Service Restaurant) model in India.

EverBrands operates the Subway sandwich chain in India.
It also operates Lavazza coffee outlets under the Fresh and Honest Cafe brand.
The entity Culinary Brands India Pvt Ltd handles the Subway operations.
Fresh and Honest Cafe Pvt Ltd manages Lavazza, F&H Coffee, and Dilmah Tea.
The company focuses on expanding its physical store network across major cities.
Its business model relies on franchise partnerships and direct operations.
The brand targets urban consumers seeking quick dining options.

Playbook Partners (lead) — A venture fund managed by Vikas Choudhury with a $250M first close.

Product: Quick service restaurant (Subway), premium coffee (Lavazza), specialty coffee (F&H Coffee) and tea distribution (Dilmah)
Customers: Urban consumers seeking quick dining, premium coffee and specialty beverages
How it makes money: Multi-brand franchise and retail platform operating across QSR and café formats
What sets it apart: Portfolio of established global brands with proven unit economics and rapid store expansion capability
Operations: 1,000+ Subway outlets with expansion adding 2 outlets per week on average