Singapore, Aug 22, 2017 – Food and beverage (F&B) industry veteran Ajay Kaul has joined Everstone Group as Senior Director to support growth in the Quick Service Restaurant (QSR) business of its food platform F&B Asia.
The former CEO of Jubilant FoodWorks Ltd., which includes brands such as Domino’s Pizza India and Dunkin’ Donuts India, will also serve as Executive Chairman on the boards of F&B Asia’s investments in Indonesia: Domino’s and Burger King.
Ajay, who has spent more than a decade in the F&B industry, took Domino’s in India to become the largest market for Domino’s outside of the US. It is the largest QSR brand in India for the past few years. Ajay has nearly 28 years of overall work experience, including at American Express and TNT India and Indonesia where he had sales and marketing, as well as business leadership, roles.
At Everstone, he will oversee QSR investments of F&B Asia that owns and operates several marquee brands such as Burger King (India and Indonesia), and Domino’s (Indonesia). Also under the platform’s umbrella are brands such as Masala Library, Farzi Café, Pa Pa Ya, Masala Bar, Harry’s, Pind Balluchi, and Duck & Rice.
“We are thrilled to welcome Ajay to the Everstone Group and the F&B Asia family where his wide experience and success in the food sector will be greatly beneficial as we target higher and sustained growth in our QSR businesses in Indonesia—Burger King as well as the Domino’s brand,” said Philip Walters, Executive Chairman, F&B Asia.
F&B Asia is an investment vehicle owned and managed by Everstone that was created to build a Pan-Asian Food and Beverage Services (“F&B”) platform across multiple formats and cuisines. On the QSR front, the platform company plans to grow Domino’s Indonesia, as well as Burger King Indonesia and India, by 30 to 50 stores each annually. Currently, Burger King Indonesia has over 70 stores while Domino’s Indonesia has more than 130.
“I really look forward to working with my colleagues at Everstone and F&B Asia at a time where favourable
demographics, rising incomes and increasing interest in eating out in Indonesia make for an exciting journey
of growth and innovation for top QSR brands,” Kaul said.
An alumnus of IIT-Delhi, Kaul completed his MBA from XLRI Jamshedpur.
About F&B Asia Ventures
F&B Asia Ventures is an investment holding company which is a pan-Asian food and beverage platform with
assets across multiple cuisines, geographies and formats. The company is focused on expansion of brands via
organic and inorganic routes, opportunistically evaluating synergetic bolt-on acquisitions and working on the
franchise model for franchising brands in other South-East Asian countries. F&B Asia brands include Harry’s,
Domino’s, Burger King, Pind Balluchi and Duck & Rice.
For more information, visit www.fb-asia.com
About Everstone Group
The Everstone Group is a premier India and Southeast Asia focused private equity and real estate investment
firm with assets under management of approximately US $4 billion. Everstone has around 200 people
working across six offices—Singapore, Mumbai, Delhi, Bengaluru, Mauritius and London. The firm’s strong
presence and network in India and Southeast Asia allows its existing and new portfolio businesses to build
operations in the region and beyond. Everstone has been awarded ‘Mid-Market Firm of the Year in Asia’ for
2016, as well as ‘Private Equity Firm of the Year in India’ by Private Equity International for six consecutive
years from 2011 to 2016.
For more information, visit www.everstonecapital.com