Jubilant FoodWorks Sells Entire 31.66% Stake in Hashtag Loyalty to Focus on Core Business

Jubilant FoodWorks Ltd, the company behind Domino’s Pizza and Dunkin’ Donuts in India, has agreed to sell its entire 31.66% stake in Hashtag Loyalty Private Ltd. The move marks its complete exit from the customer engagement and loyalty business it held through the associate company.

The share purchase agreement was signed on 29 December 2025 with Karan Chechani, one of the founders of Hashtag Loyalty. The transaction is expected to be completed on or before 12 February 2026, subject to customary conditions and regulatory approvals. Once finalised, Hashtag Loyalty will no longer be an associate of Jubilant FoodWorks.

Deal Value and Financial Impact

Under the agreement, Jubilant FoodWorks will receive a total consideration of ₹641.59 crore for its 31.66 per cent holding in Hashtag Loyalty. The company clarified in its stock exchange filing that this transaction was carried out at arm’s length and does not involve any promoter group entities.

Jubilant FoodWorks also noted that it had fully impaired its investment in Hashtag Loyalty in the financial year 2024-25, as the associate’s operations were discontinued. Hashtag Loyalty contributed negligibly to the company’s consolidated income and net worth in recent years, reflecting limited strategic benefit from the investment.

According to the latest available figures, Hashtag Loyalty reported a total income of INR 27.47 million for the year ended 31 March 2025, with a net worth of INR 1.22 million in the same period. Its contribution to Jubilant FoodWorks’ overall financials was minimal.

Why the Exit Matters

This strategic sale fits with Jubilant FoodWorks’ broader aim to sharpen its focus on its core quick‑service restaurant business and scale its main brands more effectively. The company operates a large network of Domino’s and Dunkin’ Donuts outlets in India and international markets, and it has been streamlining non‑core investments in recent years.

Analysts say the divestment should have little financial impact on Jubilant FoodWorks but can help reduce distractions from non‑performing assets. Since it no longer holds any stake in the loyalty‑platform business, the company’s resources can stay focused on expanding restaurant operations and improving customer service.

What Happens Next

With the deal expected to conclude by mid‑February 2026, Jubilant FoodWorks will formally remove Hashtag Loyalty from its list of associate companies once all conditions are met. The buyer, Mr Chechani, will take full control of Hashtag, potentially looking to restart or reshape the business outside of Jubilant’s portfolio.

For investors and market watchers, the announcement has been seen as a routine portfolio adjustment, with no major disruptions expected in Jubilant FoodWorks’ earnings or operations. Shares of the company maintained a stable trend on Indian stock exchanges following the announcement.