Brands
Equirus names Manish Jain CEO to steer its new NBFC arm
MUMBAI: Equirus Group has tapped industry stalwart Manish Jain to head Equirus Finance, its newly minted non-deposit-taking NBFC, soon after receiving the Reserve Bank of India’s nod. The move signals a decisive push by the full-service financial firm to expand its wealth and credit ecosystem.
Jain, who steps in as chief executive officer, will lead the charge in building a high-quality, relationship-driven lending franchise centred on bespoke credit for high-net-worth individuals, family offices and business promoters. With Equirus Wealth already managing more than USD 2.2 billion in assets, the NBFC adds a fresh plank to the Group’s ambition of creating an integrated advisory and lending platform.
Backed by over two decades of experience at ASK Group, Nuvama, Anand Rathi Global Finance and Deloitte, Jain brings a seasoned mix of capital-market lending, structured credit and NBFC leadership. His track record includes scaling Las businesses, launching India’s first digital Las platform, managing treasury books of more than Rs 2,500 crore and steering CFO roles across lending entities.
Commenting on the appointment, Equirus managing director Ajit Deshmukh, said the Group is confident Jain’s expertise will accelerate its goal of becoming a trusted financial partner for entrepreneurs, corporates and affluent families across India.
Jain called the opportunity “transformative” and said he aims to build a client-focused NBFC that marries customised funding solutions with strong governance and risk stewardship.
Equirus Finance will offer a suite of products including loan against securities, ESOP financing, market-linked debentures and structured credit. The company is aiming for a Rs 3,000 crore, high-quality loan book over the next few years, while fostering strong synergies with Equirus Wealth to deliver a unified One Equirus experience.
Brands
Jubilant Foodworks to end Dunkin’ franchise in India
Pizza chain operator will not renew agreement when it expires at end of 2026.
MUMBAI: When the doughnuts stop turning and the coffee goes cold, even a global giant like Dunkin’ can find the Indian market a tough brew to crack. Jubilant Foodworks has decided not to renew its franchise agreement with Dunkin’ when the pact expires on 31 December 2026, according to a Reuters report. The operator, best known for running Domino’s outlets in India, said it would evaluate options for its existing Dunkin’ stores, including a potential sale or transfer of franchise rights, in consultation with the US-based brand.
The decision follows years of underperformance in a market where local tastes and intense competition have made it difficult for international coffee-and-doughnut formats to gain traction. Jubilant, which has increasingly focused on its core pizza business and newer bets like Popeyes, indicated that the exit would not materially affect its financial or operational position.
Dunkin’ accounted for just 0.61 per cent of Jubilant’s revenue in the fiscal year ending 2025 and recorded a loss of approximately Rs 191 million, according to a regulatory filing. The company operated 27 outlets as of December 2025, having shuttered seven stores over the preceding year.
The retreat comes even as Jubilant’s broader business shows signs of momentum. The company reported a 65 per cent rise in quarterly profit for the October to December period, reaching Rs 70.9 crore, up from Rs 42.91 crore a year earlier.
For Jubilant, the exit reflects a sharpening strategic focus. For Dunkin’, it marks another setback in a market that has proven resistant to imported café concepts without significant localisation.
In the cut-throat world of Indian quick-service restaurants, sometimes the sweetest deals are the ones you quietly walk away from leaving more room for the brands that truly rise to the occasion.
