TFI

What TFI does

TFI TAB Food Investments (legal entity: TFI TAB Gıda Yatırımları A.Ş.) is a privately-held quick-service restaurant (QSR) operator headquartered in Beşiktaş, Istanbul, and the food-investment arm of ATA Holding. Founded in 1994 by Erhan Kurdoğlu with the first Burger King restaurant in Turkey, TFI has grown to 2,030 restaurants across Turkey, China (200+ cities), North Macedonia, Georgia, and Northern Cyprus as of January 2026, ranking as the world's 4th largest QSR operator as of December 2022. The company runs both company-operated and franchised units (approximately 600 of 2,500 restaurants are franchisees) under a portfolio that includes global brands (Burger King, Popeyes, Sbarro, Arby's, Subway) and proprietary Turkish brands (Usta Dönerci, Usta Pideci). TFI is the largest Burger King franchisee globally, accounting for 25% of restaurants opened annually by Restaurant Brands International (RBI), and counts Goldman Sachs, Credit Suisse, and the EBRD among prior minority shareholders.

The company's core operational differentiator is a vertically integrated food ecosystem: meat is sourced from the Ekur Et integrated plant in Amasya (capacity 120,000 cattle/year, 36,000 tons carcass meat), potatoes from the Atakey joint venture (90,000 tons/yr with Özgörkey Group), bakery products from Ekmek Unlu Gıda, cold-chain logistics from Fasdat Gıda, last-mile delivery from Fiyuu, and marketing from in-house agency Reklam Üssü. The proprietary Tıkla Gelsin digital platform (over 1 million downloads, 3rd in Apple/Google food-ordering in Turkey) unifies ordering across all seven brands and integrates delivery, pickup, and a Tıkla Para loyalty currency. The Ne Yediğini Bil ('Know What You Eat') platform exposes kitchen operations online for food-safety transparency.

TFI's revenue model combines (a) direct retail and delivery sales from company-operated stores, (b) franchise upfront fees (USD 150,000–$500,000+ depending on brand) plus ongoing royalties and mandatory supply purchases from roughly 600 franchisees, and (c) B2B food supply through Ekur Et, Atakey, and Ekmek Unlu Gıda to external customers, plus retail meat sales through the Amasya Et Ürünleri chain of 20+ storefronts. Consolidated 2020 revenue was 7.2 billion TL with 772 million TL EBITDA (44% from overseas) and total assets of 9.9 billion TL; overseas operations (predominantly China) contributed 60% of revenue as of mid-2021. The company employs 50,000–60,000 people globally and reports ambitious plans to reach top-3 globally, scale Subway in Turkey, add 1,500 Popeyes in China over the next decade, and pursue further M&A, evidenced by a disclosed $1.1 billion acquisition in 2024 and a 2023 MOU with Bank of China for expansion financing.

Name

TFI

Legal name

TFI TAB Gıda Yatırımları A.Ş.

Website

https://tabfoods.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

10,001+ employees

Short description

TFI (TAB Food Investments), a privately-held Turkish QSR operator founded in 1994 and part of ATA Holding, runs 2,030 restaurants across five countries as the world's 4th largest QSR group, operating Burger King, Popeyes, Sbarro, Arby's, Subway, and proprietary brands Usta Dönerci and Usta Pideci via a vertically integrated food ecosystem.

Ownership category

akta.pro rank

Product category

Quick-Service Restaurant Operations

NAICS

Limited-Service Restaurants (722513), Restaurants and Other Eating Places (72251), Cafeterias, Grill Buffets, and Buffets (722514)

SIC

Retail-Eating Places (5812), Retail-Eating & Drinking Places (5810), Sausages & Other Prepared Meat Products (2013), Food And Kindred Products (2000)

akta.pro industry

PRIMARYTHAFAAAO

Multi-Concept / Global QSR Chains (Mixed Menus)

Travel & Hospitality/Foodservice & Beverage (Restaurants, Cafes, Bars)/Quick-Service Restaurants (QSR)

SECONDARYTHAFABAA

Burger Fast Casual

Travel & Hospitality/Foodservice & Beverage (Restaurants, Cafes, Bars)/Fast Casual Restaurants

SECONDARYTHAFABAD

Mediterranean & Middle Eastern Fast Casual

Travel & Hospitality/Foodservice & Beverage (Restaurants, Cafes, Bars)/Fast Casual Restaurants

SECONDARYTHAFABAM

Regional/Ethnic Specialty Fast Casual (e.g., Indian, Caribbean, African, Eastern European)

Travel & Hospitality/Foodservice & Beverage (Restaurants, Cafes, Bars)/Fast Casual Restaurants

SECONDARYAFANAFAE

Shelf-Stable/Retort Prepared Meat & Seafood Meals

Agriculture & Food Production/Meat, Poultry & Seafood Processing/Value-Added Prepared Meat & Seafood Meals (Ready-to-Eat/Heat)

SECONDARYBPAMAHAB

Food Delivery & Restaurant Logistics Platforms

Business & Public Services/Web, Mobile & Digital Platforms/On-Demand, Gig & Local Services Platforms

SECONDARYCRAFAHAE

Foodservice & Hospitality Supply Marketplaces

Consumer Products & Retail/E-commerce & Marketplaces/Wholesale/B2B E-commerce Marketplaces

Keywords

• Quick service restaurants
• Restaurant franchise operations
• Integrated food ecosystem
• Digital food ordering platform
• QSR supply chain management

Headquarters

HQ city

Besiktas

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Restaurant Franchise Operations: Revenue from franchise fees and royalties from franchisees operating Burger King, Popeyes, Sbarro, Arby's, Usta Dönerci, Usta Pideci, and Subway brands. Approximately 600 of 2,500 restaurants are franchisees.
2. Direct Restaurant Sales: Company-operated restaurants generating revenue from food and beverage sales directly to consumers across Turkey, China, and other territories.
3. B2B Food Supply: Supply of meat, bread, potatoes, and other ingredients to external customers and franchisees through ecosystem companies including Ekur Et, Atakey, and Ekmek Unlu Gıda.
4. Amasya Et Retail: Red meat and delicatessen products sold through Amasya Et Ürünleri stores and supermarkets to retail consumers.
5. Digital Platform Transactions: Revenue from Tıkla Gelsin digital ordering platform including delivery fees and commission from third-party ordering integration.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

TFI operates and franchises quick-service restaurant brands — Burger King, Popeyes, Sbarro, Arby's, Subway, and proprietary Turkish brands Usta Dönerci and Usta Pideci — across Turkey, China, North Macedonia, Georgia, and Northern Cyprus, reaching about 2,030 restaurants. It backs these restaurants with an integrated ecosystem of in-house food production (Ekur Et, Atakey, Ekmek Unlu), cold-chain logistics (Fasdat Gıda), marketing (Reklam Üssü), last-mile delivery (Fiyuu), and the Tıkla Gelsin digital ordering and loyalty platform.

Product overview

TFI TAB Food Investments operates as a multi-brand quick-service restaurant (QSR) operator and integrated food ecosystem company. The portfolio includes global franchises (Burger King, Popeyes, Sbarro, Arby's, Subway) and proprietary Turkish brands (Usta Dönerci, Usta Pideci), totaling over 2,030 restaurants. Supporting the restaurant operations is a vertically integrated ecosystem comprising: Tıkla Gelsin (digital ordering/e-commerce platform), Ne Yediğini Bil (food transparency platform), production facilities (Ekur Et meat processing, Atakey potato processing, Ekmek Unlu bakery), logistics (Fasdat cold chain), marketing (Reklam Üssü), and last-mile delivery (Fiyuu). The company operates in Turkey, China, North Macedonia, Georgia, and Northern Cyprus.

Differentiator

Problem solved

Functional benefit

Brands

• Tıkla Gelsin: E-commerce food ordering platform of TFI covering approximately 85% of Turkish cuisine dishes
• Ne Yediğini Bil (Know What You Eat)
• Level Up
• Evde K

Products and services

• Tıkla Gelsin Digital Ordering Platform Proprietary e-commerce and food ordering platform for TFI's restaurant brands (Burger King, Popeyes, Arby's, Sbarro, Usta Dönerci, Usta Pideci). Features include 'Sana Gelsin' delivery, 'Gel Al' pickup, and QR ordering with Tıkla Para loyalty currency (1 Tıkla Para equals 1 Turkish Lira).
• Burger King (Turkey and China Operations) Global fast-food hamburger chain operated by TFI as one of the world's largest franchise systems. Operates 830+ restaurants in Turkey and 1,400+ across 200+ cities in China.
• Popeyes Louisiana-style fried chicken restaurant chain known for 12-hour marinated recipes with bold flavors. Operates 499 restaurants in Turkey with expansion into the China market.
• Sbarro Italian pizza restaurant chain offering Naples-style pizzas prepared in open kitchens. Operates 154 restaurants in Turkey featuring authentic Italian recipes.
• Arby's American roast beef sandwich chain known for slowly roasted meats. Operates 156 restaurants in Turkey offering unique roasted beef products.
• Usta Dönerci Turkey's premier döner kebab restaurant chain established by TAB Gıda. Features signature iskender döner with special sauce and butter, emphasizing quality meat from reliable sources. Operates 187+ locations.
• Usta Pideci Turkish pide (boat-shaped flatbread) restaurant chain established in 2019. Offers generous portions of pide selections and delicatessen products with authentic recipes. Operates 63+ restaurants.
• Subway (Turkey) Globally recognized quick-service sandwich chain with over 37,000 locations in 100 countries. TFI became Turkey representative in 2022, operating 139+ restaurants.
• Amasya Et Ürünleri Beef products brand supplying external customers and retail consumers through stores in 20+ locations. Also meets red meat demand of TFI restaurant chains through the Ekur Et Entegre production facility.
• Ne Yediğini Bil (Know What You Eat) Digital Transparency Platform

Quantifiable outcome

• 5.7-fold increase in consolidated revenue in China from 2013 to end of 2020
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature5 records

Partnerships

14 partnerships are on record, tiered core, minor and strategic.

• DEİK/Türkiye - China Business CouncilcoreStrategic or Co-development Partner · 29 November 2023Korhan Kurdoğlu, Vice Chairman and CEO of TFI, re-elected as chairperson of DEİK/Türkiye - China Business Council for third time. TFI actively participates in Turkey-China business conferences and initiatives for understanding and explaining business dynamics between countries. TFI contributes to bilateral trade estimated at $45 billion in 2022.
• GreenX PlatformminorStrategic or Co-development Partner · 1 November 2023Korhan Kurdoğlu highlighted GreenX Platform as an important sustainability project. TFI participates in sustainability initiatives as part of its ESG commitments and environmental friendly growth strategy.
• Subway (Global Brand)coreOEM/ Whitelabel/ Licensing Partner · 1 October 2022TFI TAB Food Investments became Turkey representative of Subway through franchise agreement effective October 1, 2022. TFI expanded its global brand portfolio with Subway, a globally recognized QSR chain with over 37,000 locations across 100 countries. Subway operations in Turkey operate under TFI's ecosystem.
• App SamuraistrategicTechnology or Integration · 17 January 2022Tıkla Gelsin partnered with App Samurai for AI-powered mobile user acquisition campaigns. Partnership combined User Acquisition, Boost, and OEM Pre-install models. Results: over 1.5 million logins, 135,000 rewarded installations in 60 days, achieving top ranking in food and beverage category on app stores.
• Restaurant Brands International (RBI)coreStrategic or Co-development PartnerRBI is the parent company of Burger King and Popeyes brands. TFI is RBI's largest franchisee globally. Some innovative practices developed by TFI for Burger King in Turkey and China have been adopted as best cases by RBI and applied in different countries. TFI represents 25% of restaurants opened annually by RBI worldwide.
• TAB AcademycoreOthersTAB Academy provides solution to human resource needs through training programs developed with Anadolu University Open Education Faculty. 'Level Up' program enables employees who left formal education to complete modules and be promoted to management positions.
• Özgörkey GroupcoreStrategic or Co-development PartnerTFI has equal partnership with Özgörkey Group in Atakey, one of the world's leading ready-to-fry potato producers with 90,000 tons annual production. Partnership includes contract farming with local farmers for potato supply.
• YemekSepetistrategicChannel Partner/ Reseller/ DistributorYemekSepeti is one of Turkey's leading food delivery platforms integrated with TFI's ordering ecosystem. TFI continues to serve customers through this platform alongside proprietary Tıkla Gelsin platform.
• Coca-Cola TurkeystrategicGTM or Marketing PartnerCoca-Cola is a key business partner included in TFI's 'Evde K' (Stay Home) platform campaign during COVID-19 pandemic, serving as co-marketing partner across restaurant brands.
• Algida ( Unilever)minorGTM or Marketing PartnerAlgida included in TFI's COVID-19 'Evde K' (Stay Home) platform campaign as business partner for ice cream and dessert offerings.
• Fenerbahçe Sports ClubstrategicGTM or Marketing PartnerTAB Gıda signed sponsorship agreement with Fenerbahçe for fan menu campaign. Innovative win-win model where fan purchases through brand restaurants contribute financially to the club.
• Galatasaray Sports ClubstrategicGTM or Marketing PartnerTAB Gıda signed sponsorship agreement with Galatasaray for fan menu campaign. Unique model where fans support their team by ordering from TAB Gıda brands without additional cost.
• Beşiktaş Gymnastics ClubstrategicGTM or Marketing PartnerTAB Gıda implemented win-win sponsorship with Beşiktaş following Fenerbahçe partnership. Fan menus offered at all restaurants across Turkey.
• Trabzonspor Sports ClubstrategicGTM or Marketing PartnerTAB Gıda signed sponsorship agreement with Trabzonspor for sustainable partnership model. Through 1,200+ restaurants in 70 cities, aim to reach Trabzon citizens wherever they live.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• AmRest Holdings: AmRest is a European multi-brand QSR franchisee operating KFC, Pizza Hut, Burger King, and Starbucks across 20+ countries, with significant emerging market exposure. Most direct comparable to TFI's multi-brand emerging-market QSR franchisee model.
• Yum China Holdings: Yum China operates KFC, Pizza Hut, and Taco Bell as the largest restaurant company in China with 14,000+ restaurants. Comparable to TFI as a multi-brand QSR operator with massive China scale and emerging-market expertise.
• Jubilant FoodWorks: Jubilant FoodWorks is India's largest QSR franchisee, operating Domino's Pizza, Dunkin', and Popeyes with country-master rights. Closely comparable to TFI as an emerging-market master franchisee leveraging global brands with local execution.
• Alsea S.A.B. de C.V. Alsea is a Latin American and European multi-brand QSR franchisee operating Domino's, Starbucks, Burger King, and Vips. Directly comparable to TFI as an emerging-market master franchisee with portfolio of global and proprietary brands.
• Devyani International Limited: Devyani International is India's largest KFC, Pizza Hut, and Costa Coffee franchisee with country-master rights. Comparable to TFI as a single-market emerging-market QSR franchisee with multi-brand global brand portfolio.
• Restaurant Brands Asia: Restaurant Brands Asia is the master franchisee of Burger King India (now rebranded). As RBI's India franchisee, it shares TFI's positioning as a Burger King emerging-market master operator, though TFI operates at materially greater scale.

Broad incumbents

• Restaurant Brands International (RBI): RBI is the parent company of Burger King, Popeyes, Tim Hortons, and Firehouse Subs, and TFI's largest master franchisor. Comparable as the global QSR brand owner, though operates as brand licensor and franchisor rather than operator in TFI's markets.
• Yum! Brands: Yum! Brands is the global parent of KFC, Pizza Hut, Taco Bell, and Habit Burger with 55,000+ restaurants in 155+ countries. Comparable as a global multi-brand QSR franchisor with overlapping brand portfolio (Burger King vs KFC/Pizza Hut), though operates at a different point in the value chain than TFI.
• McDonald's Corporation: McDonald's is the world's largest QSR chain with 40,000+ restaurants globally, including significant emerging-market presence. Comparable as a global QSR leader in the same product category as TFI's Burger King and Popeyes, though McDonald's operates its own units rather than a franchisee model.
• Domino's Pizza, Inc. Domino's Pizza is the world's largest pizza chain with 20,000+ stores in 90+ markets, with significant emerging-market master franchisees including Jubilant (India) and Alsea (LatAm). Comparable as a global QSR franchisor with strong emerging-market franchisee model, though TFI's portfolio is more diversified across cuisines.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/TabFoods

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TFI