LONDON, Ont. — Odd Burger Corporation has signed a non-binding letter of intent (LOI) with 14728696 Canada Inc. o/a Earthlings Canada Inc. to open 145 locations in India and five locations in Singapore over a 10-year period.
The development group is led by Utsang Desai, a director of the company and an experienced QSR developer and Odd Burger board member. In addition to its Canadian operations, the group has a local presence in the Indian/Singapore market, which is expected to accelerate Odd Burger’s growth in those regions. The group plans on opening a corporate flagship location in Mumbai, India by the end of 2023, which will serve as a model store for the territory.
The terms of the agreement include a 50-per-cent split of all royalties and franchise fees collected in the territory with Odd Burger, as well as a 2.5-per-cent contribution to the Odd Burger advertising fund. The definitive agreement is expected to close on or before May 31, 2023, at which time, the developer is expected to acquire the Master Franchise rights to both India and Singapore, as well as the right of first
refusal to purchase additional territories in other South-East Asian countries including Australia and New Zealand.
“The growth opportunity in the Indian market is significant,” says James McInnes, CEO and co-founder of Odd Burger. “It is estimated that there are 574 million people that follow a meat-free diet in India, with 126 million of those adhering to a vegan diet. The local connections and knowhow gained through our partnership with the developer group will help us service this large and growing market.”
“We expect there to be tremendous excitement when we launch Odd Burger in the Indian market,” says Desai. “The market is craving an industry-leading brand like Odd Burger to provide a vision for a sustainable future and to make plant-based eating more accessible.”