Established in 2006, Bakers Circle is a leading producer and supplier of frozen bakery and dessert products to the food services industry in India. The company was formed with Subway as its anchor customer and to manufacture frozen dough for them, their most critical and technically complex input. Over the years, the company has expanded its product portfolio which now includes frozen dough for buns, baguettes, puffs, cookies, croissants as well as a variety of confectionery products such as cakes, brownies, shots and muffins. With its unique product portfolio and strong production capabilities, Bakers Circle supplies to most major quick service restaurant (QSR) chains including Subway, Café Coffee Day, KFC, Pizza Hut, Starbucks and McDonalds as its clients. In addition to the QSRs which are the mainstay of the business, the company has developed client relationships in several other categories to drive growth including large format retail, cloud kitchens and convenience stores

Organized food service industry in India is a large INR 1.5 trillion market growing at a CAGR of 13%. Over the next few years, the organized food service industry is expected to grow at a CAGR of 15%, with the restaurant chains segment expected to grow faster at a CAGR of 25%. Bakers Circle is a key producer and supplier of frozen bakery products and desserts to almost all the major restaurant chains in India. With its large and innovative portfolio of products, the company is able to cater a variety of clients including large format retail, cloud kitchens and convenience stores. There are significant barriers to entry in the segment that provide Bakers Circle with a unique positioning. The company is one of seven Subway certified frozen dough suppliers worldwide and only certified supplier based in South Asia. Its facility is also one of the few companies in India to have passed the global food standard audit conducted by IKEA. It has proprietary, and in many instances exclusive supply chain linkages across seven countries developed over several years. Manufacturing operations for products such as frozen dough involve complex equipment and processes resulting in long learning curve to achieve stability and efficiency.