Jubilant FoodWorks Ltd, the operator of quick-service restaurant brands Domino’s Pizza and Dunkin’ Donuts in India, has executed a share purchase agreement to divest its entire 31.66 percent stake in Hashtag Loyalty Private Ltd. The transaction, announced on Monday, December 29, values the sale consideration at Rs 6,415.94.
The agreement was signed on December 29, 2025, with Karan Chechani, one of the founders of Hashtag Loyalty. Following the completion of the transaction, Hashtag Loyalty Private Ltd will no longer remain an associate company of Jubilant FoodWorks. The company has stated that the sale is expected to be completed on or before February 12, 2026.
From a hospitality and foodservice industry perspective, the move reflects a portfolio rationalisation strategy as large QSR operators increasingly focus on core operations and direct customer engagement channels. Jubilant FoodWorks clarified that it had fully impaired its investment in Hashtag Loyalty during the financial year 2024–25, indicating limited strategic or financial upside from the associate business.
According to the financial statements of Hashtag Loyalty, the company reported a total income of Rs 27.47 million in FY 2024–25. The associate made no contribution to Jubilant FoodWorks’ consolidated financial statements during the period. As of March 31, 2025, Hashtag Loyalty reported a net worth of Rs 1.22 million, with nil contribution to Jubilant FoodWorks’ consolidated net worth.
Jubilant FoodWorks also confirmed that the buyer is not part of its promoter or promoter group and that the transaction does not qualify as a related party transaction under applicable regulations.
In market response, shares of Jubilant FoodWorks Ltd closed at Rs 563.15 on the BSE, up by Rs 3.35, or 0.60 percent, reflecting a stable investor reaction to the divestment announcement.
