Food and beverage (F&B) industry veteran Ajay Kaul has joined private equity firm Everstone Group as Senior Director to lead F&B Asia Ventures Ltd, its quick service restaurant (QSR) business.
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). Other brands under its umbrella are 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.
An alumnus of IIT-Delhi, Kaul completed his MBA from XLRI Jamshedpur.