Ajay Kaul

Other participants in the round include Artha Venture Fund, former Dominos India CEO Ajay Kaul, and VSS Investco (investment vertical of Paytm CEO Vijay Shekhar Sharma)

After 11 years at the helm of Jubilant, Kaul called it a day amid speculation that his expansionist strategy was not clicking

A day after the surprise exit of Jubilant FoodWorks Chief Executive Ajay Kaul, attention is shifting to his replacement.Jubilant is the franchise owner for Domino's Pizza and Dunkin' Donuts in India. Credit Suisse said on Tuesday the likely candidate could be Dev Amritesh, Domino's India current president and business chief. Amritesh, with Jubilant since 2005, was appointed to the role in April.CLSA has said likely candidate would come from within. CLSA said an internal candidate would ensure a smooth transition. Abneesh Roy, senior vice-president, institutional equities, research, Edelweiss, says, "Jubilant has been expanding Domino's stores recklessly, leading to cannibalisation. The company needs to slow new store additions to 100 a year."