02 Jan 2026 | 5 Mins Read
Devyani, Sapphire merge to form QSR giant
Flipitmoney
Devyani International and Sapphire Foods India merge operations to create India's largest QSR entity. The combined entity will operate over 3,000 stores, resulting in annual synergies of ₹210-225 cr. The merger takes effect April 1, with Devyani issuing 177 shares for every 100 shares of Sapphire. This marks a significant milestone in Ravi Jaipuria's consolidation of franchise rights across India.