Devyani International Limited

What Devyani International Limited does

Devyani International Limited is an India-headquartered, publicly listed Quick Service Restaurant (QSR) operator and the largest franchisee of Yum Brands in India, with master franchise rights to operate KFC and Pizza Hut. Incorporated in 1991 and listed on BSE/NSE since August 2021 (ticker: DEVYANI), the company is part of the RJ Corp conglomerate promoted by Ravi Jaipuria and operates under a multi-brand platform model spanning 2,256+ stores in over 280 cities across India, Nepal, Nigeria, and Thailand. The portfolio combines global franchises (KFC, Pizza Hut, and the exclusive Costa Coffee franchise in India), homegrown brands (Vaango for South Indian vegetarian fare, The Food Street food-court concept), and recently added Indian-cuisine brands Biryani By Kilo, Goila Butter Chicken, and The Bhojan acquired through Sky Gate Hospitality in 2025.

The company generates revenue predominantly through direct-to-consumer retail via company-owned QSR storefronts, with dine-in, takeaway, and delivery orders routed through both third-party aggregators (Swiggy, Zomato) and Devyani's own delivery platforms for KFC and Pizza Hut. A second revenue stream consists of franchise royalty payments made to Yum Brands for KFC and Pizza Hut, and to Costa Coffee/Coca-Cola for the coffee operations; commissions are also booked on third-party delivery transactions. Pricing is structured at unit level across three tiers: entry-level/value (Pizza Hut pizzas from Rs 79, KFC value meals), standard menu pricing for core KFC and Pizza Hut items, and premium positioning for Costa Coffee (average daily sales per store of Rs 32,710 in FY24). Customer segments include mass-market Indian consumers, premium cinema-goers via the PVR INOX JV, and airport/transit-hub travelers across India and Thailand.

The business is in a significant phase of inorganic expansion. In December 2023 Devyani acquired a controlling interest in Restaurants Development Co. Ltd (Thailand) for ~$128.9 million, securing 274 KFC outlets. In April 2025 it acquired up to 80.72% of Sky Gate Hospitality for Rs 419.6 crore. In January 2026 it announced a transformative all-share merger with Sapphire Foods India (177:100 swap ratio) which, on closing, will create India's largest QSR operator with 3,000+ stores and combined turnover of ~Rs 8,000 crore, with management guiding Rs 200–225 crore of annualized synergies by FY29. FY26 revenue stood at Rs 5,611 crore with Q4 FY26 revenue of Rs 1,437 crore growing 18.5% YoY, and KFC India posted its strongest same-store sales growth in 14 quarters at 4.9% in March 2026.

Name

Devyani International Limited

Legal name

Devyani International Limited

Website

https://dil-rjcorp.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

1–10 employees

Short description

Devyani International Limited is India's largest Yum Brands franchisee, operating KFC and Pizza Hut outlets plus an exclusive Costa Coffee franchise across 2,256+ stores in India, Thailand, Nepal, and Nigeria, with a pending merger with Sapphire Foods.

Ownership category

akta.pro rank

Product category

Quick Service Restaurants (QSR)

NAICS

Limited-Service Restaurants (722513)

SIC

Retail-Eating & Drinking Places (5810), Retail-Eating Places (5812)

akta.pro primary industry

Multi-Concept / Global QSR Chains (Mixed Menus) (THAFAAAO)

akta.pro secondary industries

Pizza QSR (THAFAAAB), Coffee Chains & Franchise Cafes (THAFADAB), Asian QSR (Chinese/Thai/Japanese/Korean) (THAFAAAF)

Keywords

• Quick service restaurants
• QSR franchise operations
• Food and beverage retail
• Coffee chain operations
• Restaurant brand portfolio

Headquarters

HQ city

Haryana

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Retail Store Sales: Revenue generated from company-owned QSR restaurant operations including KFC, Pizza Hut, Costa Coffee, Vaango, and Food Street outlets across India and international markets. Sales from dine-in, takeaway, and delivery orders.
2. Franchise Royalty Payments: Royalty payments to Yum Brands for KFC and Pizza Hut franchises and to Costa Coffee/Coca-Cola for coffee operations. Payments structured as percentage of sales.
3. Delivery Commission Revenue: Revenue from food delivery orders placed through Swiggy and Zomato platforms, with commissions shared between company and aggregators.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Devyani International Limited operates a multi-brand portfolio of Quick Service Restaurant (QSR) outlets in India and international markets. The company is India's largest franchisee for Yum Brands, running KFC and Pizza Hut stores, and holds the exclusive franchise for Costa Coffee in India. It also operates its own brands Vaango (South Indian vegetarian) and The Food Street (food court concept), and has expanded through acquisitions of Sky Gate Hospitality brands (Biryani By Kilo, Goila Butter Chicken, The Bhojan) and new franchise agreements for Tealive, New York Fries, and Sanook Kitchen. As of FY26, the company operates more than 2,256 stores across India, Nepal, Nigeria, and Thailand.

Product overview

Devyani International Limited operates as one of India's largest Quick Service Restaurant (QSR) operators, functioning as a platform-based business with multiple international franchise brands and owned brands. The portfolio consists of: KFC and Pizza Hut (core Yum Brands franchises, the company's largest brands by store count and revenue), Costa Coffee (exclusive India franchise for the British coffee chain), international KFC operations (Thailand, Nigeria, Nepal), owned brands (Vaango for South Indian vegetarian food, The Food Street food courts), and recently acquired/announced brands including Biryani By Kilo, Goila Butter Chicken, The Bhojan (via Sky Gate Hospitality acquisition), and new franchise partners Tealive, New York Fries, and Sanook Kitchen. The company operates over 2,000 stores across brands in India and international markets.

Differentiator

Problem solved

Functional benefit

Brands

• KFC: Global fast food chain specializing in fried chicken; operated as Yum! Brands franchisee
• Pizza Hut
• Costa Coffee
• Vaango
• The Food Street
• Tealive
• New York Fries
• Sanook Kitchen
• Biryani By Kilo
• Goila Butter Chicken
• The Bhojan

Products and services

• KFC Fried chicken quick-service restaurants operated as India's largest Yum Brands franchisee, with stores across India, Nepal, Nigeria, and Thailand. KFC India recorded 4.9% same-store sales growth in March quarter 2026.
• Pizza Hut Pizza quick-service restaurant brand operated as Yum Brands franchisee in India, with 500+ outlets as of April 2023. Entry-level pricing starts at Rs 79 for basic pizzas targeting value-conscious consumers.
• Costa Coffee Exclusive India franchise for the British specialty coffee chain, with 179 stores across India and average daily sales per store at INR 32,710 in FY24. Targets 60-70 new units annually amid a coffee market growing at 10-12% in India.
• Vaango Homegrown South Indian vegetarian food QSR brand offering dishes like idli, dosa, and related vegetarian cuisine. Represents the company's own brand development alongside its international franchise operations.
• The Food Street Food court concept featuring multiple brands under one roof, originally launched at New Delhi Domestic Airport in 2009 and expanded to Mumbai airport and other locations offering variety of food and beverage options.
• International KFC Operations KFC restaurants operated in international markets including Thailand (274 outlets through Restaurants Development acquisition), Nigeria, and Nepal, expanding the Yum Brands franchise footprint beyond India.
• Biryani By Kilo Premium biryani brand acquired through Sky Gate Hospitality, among the first to introduce the 'handi biryani' concept delivering freshly prepared biryani. Operates 100+ outlets across 40+ cities in India.
• Goila Butter Chicken Popular Indian butter chicken brand acquired through Sky Gate Hospitality, built from a 2015-16 hashtag pop-up operation into a cult food brand spanning approximately 100 kitchens across 40 cities in India and internationally.
• The Bhojan Indian cuisine brand operated by Sky Gate Hospitality, part of Devyani International's portfolio following the acquisition, offering traditional Indian food options.
• Tealive Handcrafted tea chain for which Devyani International signed an exclusive Master Franchise agreement to operate in India, representing expansion into the growing tea QSR segment with premium tea beverages.
• New York Fries Canadian premium quick-service brand known for fresh-cut and loaded fries for which Devyani International secured exclusive Master Franchise rights for India.
• Sanook Kitchen Singapore-based Thai and Asian cuisine chain for which Devyani International signed an exclusive Master Franchise agreement, adding culinary diversity to the QSR portfolio.

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• Yum BrandscoreChannel Partner/ Reseller/ DistributorMaster franchise agreement to operate KFC and Pizza Hut outlets in India and international markets. Devyani is the largest Yum Brands franchisee in India with over 2,000+ combined KFC and Pizza Hut stores.
• Costa Coffee (The Coca-Cola Company)coreChannel Partner/ Reseller/ DistributorExclusive franchise agreement to operate Costa Coffee cafes across India. Partnership extended for five years in August 2021 with rights for pan-India development in phased manner.
• Restaurants Development Co. Ltd (Thailand)coreStrategic or Co-development PartnerDevyani investing Rs 347 crore ($37 million) for 49% stake through subsidiary Devyani International DMCC, with Yellow Palm holding remaining 51%. Operates 274 KFC restaurants across Thailand.
• PVR INOXmajorStrategic or Co-development PartnerJoint venture formed in May 2024 to develop and operate food courts in shopping malls across India. Devyani holds 51% stake, PVR INOX 49%. Costa Coffee products also sold at select PVR INOX premium properties.
• TealiveminorChannel Partner/ Reseller/ DistributorExclusive Master Franchise agreement signed in November 2024 to operate handcrafted tea chain Tealive restaurants in India.
• New York FriesminorChannel Partner/ Reseller/ DistributorExclusive Master Franchise agreement for Canadian premium quick-service brand known for fresh-cut and loaded fries.
• Sanook KitchenminorChannel Partner/ Reseller/ DistributorExclusive Master Franchise agreement for Singapore-based Thai and Asian cuisine chain Sanook Kitchen.
• Sapphire Foods IndiacoreStrategic or Co-development PartnerProposed all-stock merger announced January 2026 creating India's largest QSR operator with 3,000+ stores and Rs 8,000 crore turnover. Share swap ratio 177:100 in favor of Devyani shareholders. Merger effective April 2026 pending regulatory approvals.
• Sky Gate HospitalitymajorStrategic or Co-development PartnerAcquired up to 80.72% stake in April 2025 for Rs 419.6 crore. Sky Gate operates Biryani By Kilo, Goila Butter Chicken, and The Bhojan brands across 100+ outlets in 40+ cities. Full acquisition completed March 2026 making it wholly-owned subsidiary.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Jubilant FoodWorks: Operates Domino's Pizza and Dunkin' in India — directly comparable QSR franchise operator with similar master franchise structure and India-focused scale. Closest competitor for share of consumer QSR wallet.
• Sapphire Foods India: Franchisee for KFC, Pizza Hut (Sri Lanka, Maldives), Domino's and Taco Bell in India/Indian subcontinent — pending merger partner with overlapping KFC/Pizza Hut franchise rights in India.
• Restaurant Brands Asia: Master franchisee for Burger King India and Popeyes — directly comparable QSR franchise operator with similar master franchise structure and India-focused scale.
• Westlife Development: Operates McDonald's restaurants in west and south India as a master franchisee — comparable QSR franchise operator with similar master franchise structure and India-focused scale.
• Burger King India (now Restaurant Brands Asia): Direct QSR competitor operating burger-focused stores across India, now under Restaurant Brands Asia — competing for the same consumer wallet and real estate footprint.

Broad incumbents

• Coffee Day Enterprises: Operates Café Coffee Day chain, the largest domestic coffee chain in India — competes with Devyani's Costa Coffee franchise in the café segment, broader coffee retail exposure than Costa alone.
• Barbeque Nation Hospitality: Operates casual dining restaurant chains in India — adjacent foodservice operator competing for dining occasions and mall real estate though in a different format (full-service vs QSR).

Regional players

• Speciality Restaurants: Operates fine-dining and casual-dining restaurant chains in India and a few international markets — comparable foodservice operator with multi-brand portfolio but different format and segment focus.

Others

• Varun Beverages: PepsiCo's largest bottler outside the US, part of the same RJ Corp group — sister company within the Jaipuria conglomerate with shared procurement, governance and supply chain infrastructure relevant to Devyani.
• Domino's Pizza International (Master Franchisor): Global pizza QSR brand franchisor — counterparty in India's QSR franchise ecosystem and indirectly comparable as the master brand whose franchise model Devyani replicates across KFC, Pizza Hut and Costa.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@KFCinIndia
• LinkedInlinkedin.com/company/costacoffeeindia
• Instagraminstagram.com/kfcindia_official
• Facebookfacebook.com/vaango

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments

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

Frequently asked questions about Devyani International Limited