Subway has announced its significant expansion plans for India, Sri Lanka and Bangladesh, as the company signed a master franchise agreement with Everstone Group (Everstone), a South Asia focused leading private investment firm. The agreement is one of the largest master franchise agreements in QSR history.

Everstone, with expertise in growing and building brands in India and South Asia, will lead Subway on an ambitious growth trajectory, with a commitment to more than triple the number of restaurants in 10 years from the nearly 700 locations that exists today.

The new restaurants — as well as upgrades to existing locations — will adapt the company’s new, modern, and inviting “Fresh Forward” design and meet the needs of today’s consumer with comfortable guest indoor dining spaces as well as numerous delivery and order ahead options, with a strong digital first strategy.

John Chidsey, Chief Executive Officer of Subway, said, “Today’s announcement represents a significant step in Subway’s transformation journey and global expansion plans.

“Everstone, with extensive knowledge and proven restaurant operational expertise in the region, is the ideal partner as we begin this new chapter for Subway in India and South Asia,” Chidsey said.

Mike Kehoe, EMEA President at Subway, said, “The scale of this agreement is unprecedented and will ensure that Subway’s presence across India will more than triple over the next 10 years.

“We’ve seen huge demand from existing Subway guests in India and couldn’t be more excited to partner with Everstone to strengthen our presence and bring our beloved subs to even more Indian guests,” Kehoe said.

Sameer Sain, Founder and CEO, Everstone Group, said, “Subway is an iconic brand and its philosophy of freshly made-to-order and better-for-you food delivered at-home and in-store is central to one of the greatest structural consumer trends we see in South Asia.

“Everstone Group is delighted to be a partner and custodian of Subway in the region. We strongly believe that our significant experience in the QSR space, our strong digital focus, our ability to innovate, as well as our proven execution capabilities, will enable Subway to become a dominant player in the region,” Sain said.

This new agreement with Everstone is part of Subway’s multi-year transformation journey to improve across all aspects of the brand as the business expands its presence around the world.

In EMEA, Subway plans to double its number of restaurants across the region in the coming years and will continue to seek strong partners to support the brand on its journey.