FranchiseOptions Case Study 03
Subway signed a master franchise agreement with Everstone Group in November 2021 to develop its restaurant network across India, Sri Lanka and Bangladesh. The agreement put a regional partner in charge of leading expansion across the territories named in the announcement. In January 2026, EverBrands, part of Everstone Group, reported the opening of Subway’s 1,000th store in India. Subway announcement · EverBrands milestone update
What did Subway and Everstone agree in 2021?
The announcement set out plans for more than 2,000 new restaurants over ten years across the three named markets. Subway also described plans to introduce its Fresh Forward design in new restaurants and upgrade existing locations, with digital ordering and delivery forming part of the approach. Subway newsroom, 2 November 2021
What is a master franchise agreement?
A master franchise agreement grants development rights to a partner within a defined territory. A single-outlet franchise generally covers one location. A master franchise can cover many locations and, where the agreement permits, give the partner rights to appoint sub-franchisees. Territory rights, opening commitments and operating responsibilities depend on the agreement.
| Decision | What to verify |
|---|---|
| Territory | Which countries, cities or channels does the agreement cover? |
| Rollout | Who chooses sites, funds openings and manages development milestones? |
| Operations | Who trains local teams and checks food safety and service standards? |
| Sub-franchising | Can the partner appoint operators, and who supports them? |
How far did Subway’s India rollout progress?
On 14 January 2026, EverBrands announced Subway’s 1,000th Indian store, at Paras Florett in Gurugram. It reported a footprint spanning more than 165 Indian cities. The India milestone and the 2021 regional target measure different things: one is the total India network at a point in time, while the other is planned new openings across three markets over a decade. EverBrands, January 2026 milestone update
What can founders and prospective franchisees learn?
For founders: Before granting a large territory, assess whether the partner can find suitable sites, train operators and support multiple openings while maintaining standards. Agree how you’ll review progress when openings fall behind schedule.
For prospective franchisees: Identify the entity that would sign your agreement and ask who handles training, supply, inspections and marketing support in your market. Request written details of fees and required investment before assessing the opportunity.
For a different allocation of responsibilities, see the PNG Jewellers FOCO case study.
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This independent editorial case study by FranchiseOptions draws on the public sources cited. Store counts and expansion plans reflect the dates and markets covered. For current franchise availability and commercial terms, contact the brand or its authorised representative. The featured image is an AI-generated restaurant illustration.
