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Mad Over Donuts offers minority stake sale to expand operations
05 Feb 2026

Mad Over Donuts is looking to sell a minority stake and bring in a private equity investor. The move comes as part of the company's strategy to expand its operations.

While no final decision has been made on the deal structure, a majority stake sale could be considered depending on market conversations and valuations.

This comes as the Indian western dessert, snacks, confectionery, and quick-service restaurant (QSR) segment is witnessing a surge of back-to-back deals in recent months.

Competes with Krispy Kreme and Dunkin' Donuts
Competition and offerings

Mad Over Donuts competes with international brands like Krispy Kreme and Dunkin' Donuts in the Indian market.

The company, which started its journey in Singapore in 2008, offers a menu of 26 eggless donut flavors, mini bites, brownies, eclairs as well as espresso-based coffees, bubble teas and chilled frappes.

It currently has over 150 stores across India including Mumbai, Pune, Bengaluru, Chennai, Delhi, Noida, Gurugram, Kolkata, Hyderabad, and Ahmedabad.

Dessert brand sector valuations
Valuation insights

The exact valuation sought by Mad Over Donuts remains unclear. However, previous transactions in the dessert brand sector have seen companies like Belgian Waffle and Theobroma valued at around ₹1,700 crore and ₹2,400 crore, respectively.

The company has roped in Lodha Capital Markets as its sell-side advisor for this stake sale process.