What this is: A reading list for brands, property owners, investors and lenders: how FICO and FOCO work, how retail leases are priced, what the market data says and which rules apply.What happens next: Pick a topic, or start with the four models below. Every item opens on the publisher's own site.
Learn the expansion models
Chosen by the FicoFoco desk from regulators, industry bodies, rating agencies, law firms and the business press. We link and summarise; we don't reproduce, and nothing here is paid placement.
The four models, in one line each
- FICOFranchise-invested, company-operated
- An investor funds the outlet; the brand runs it day to day.
- FOCOFranchise-owned, company-operated
- The franchisee owns the outlet; the brand operates it.
- FOFOFranchise-owned, franchise-operated
- The franchisee owns and runs the outlet under the brand's standards.
- COCOCompany-owned, company-operated
- The brand funds and runs the outlet itself.
All reading
- ArticleFICO & FOCO models23 Feb 2026
Types of Franchise Business Models
LegalKart
A plain-language legal explainer of COCO, COFO, FOCO and FOFO structures, with the pros and cons of each and the hybrid, master and multi-unit variants.
Why read it: A neutral primer on who invests, who operates and who carries the risk in each model.
Some sources use FOCO and FICO interchangeably; our definitions are above.
Read on legalkart.com (opens in a new tab) - White paperLaw & regulation10 May 2024
Need for Franchising Laws in India
Institute for Competitiveness (EAC-PM working paper)
A working paper noting that India has no franchise-specific law. It compares disclosure regimes in the US, EU and Australia and argues for a dedicated statute.
Why read it: Explains why franchise deals in India rest on careful contracts and diligence.
Read on competitiveness.in (opens in a new tab) - NewsLaw & regulationSep 2026
Gujarat Rent Bill 2026 passed: written agreements mandatory, security deposit capped at 3 months
Gujarat Samachar
The Assembly replaced the 1947 Bombay Rents Act. The new bill requires written, registered agreements for residential and commercial premises, caps deposits at three months and sets up rent authorities.
Why read it: Changes deposit, paperwork and dispute terms for every Gujarat shop lease.
Read on english.gujaratsamachar.com (opens in a new tab) - BlogCommercial leasing
Retail Leasing Models: Fixed Rent vs Revenue Sharing Explained
Orion Malls
A mall operator explains fixed per-sq-ft rent, revenue-share leases and the hybrid in which a minimum guarantee is paired with a share of tenant sales.
Why read it: The MG + revenue-share mechanics that landlords and brands negotiate on every outlet.
Read on orionmalls.com (opens in a new tab) - NewsCommercial leasing24 Apr 2023
Shopping mall operators' revenue may rise 7-9% this fiscal: Crisil report
Business Standard
A Crisil study of 28 malls in 17 cities found that about 85% of operator income comes from fixed minimum rent, with the rest linked to tenant sales.
Why read it: A hard data point on the typical split between fixed and sales-linked rent.
Read on business-standard.com (opens in a new tab) - ReportMarket dataJul 2024
NRAI Restaurateur, April–July 2024: India Food Services Report 2024 launch
National Restaurant Association of India
The industry body's newsletter on its India Food Services Report 2024. It sizes the food-services market and its growth to FY28, and sets out the organised segment's share.
Why read it: Industry sizing to test F&B expansion and outlet-demand assumptions against.
Read on conference.nrai.org (opens in a new tab) - ReportMarket dataOct 2025
Retail Industry in India
India Brand Equity Foundation (Ministry of Commerce & Industry)
A government trust's overview of Indian retail: market size, growth drivers, FDI policy and the long-term outlook.
Why read it: Official-source headline numbers for brand decks and investor briefings.
Read on ibef.org (opens in a new tab) - ReportMarket data
RAI Business Survey
Retailers Association of India
An archive of monthly retail sales surveys that track year-on-year growth by region and by category, including QSR, apparel, footwear and grocery.
Why read it: Month-by-month demand signals by category, to judge a tenant category's momentum.
Read on rai.net.in (opens in a new tab) - ArticleLaw & regulation
India Franchising Comparative Guide
Mondaq (Anand & Anand)
A law firm's guide to franchising in India. It covers contract, competition and FEMA rules on royalties, trademark protection, arbitration and multi-unit structures.
Why read it: A legal checklist for structuring franchise, royalty and IP terms.
Read on mondaq.com (opens in a new tab) - RegulationLaw & regulationSep 2024
FAQs: Framework for Small and Medium REITs (SM REITs)
Securities and Exchange Board of India
SEBI's own questions and answers on the SM REIT framework: the asset threshold, scheme structure, manager eligibility and related-party limits.
Why read it: The primary source on how commercial property can be pooled under SEBI oversight.
Read on sebi.gov.in (opens in a new tab) - RegulationLaw & regulation8 Mar 2024
SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2024
Securities and Exchange Board of India
The notified amendment that created the Small and Medium REIT category and brought fractional ownership of commercial property under formal regulation.
Why read it: The binding legal text, for readers who want the rules rather than commentary.
Read on sebi.gov.in (opens in a new tab) - NewsInvesting2 Jul 2024
Crisil explains how small, medium REITs will broaden realty investor base
Business Standard
A rating agency's reading of the SM REIT rules: manager net worth, minimum raise, the completed-asset requirement and quarterly distributions, and the risks these rules address.
Why read it: An independent view of the investor safeguards in the framework.
Read on business-standard.com (opens in a new tab) - ReportInvestingApr 2024
Indian Real Estate Sector: Small and Medium REITs
ICRA
A rating-agency note that estimates how much office stock across seven cities is eligible for SM REITs and summarises the sponsor and distribution rules.
Why read it: Sizes the opportunity from an independent credit-rating view.
Read on icra.in (opens in a new tab) - ArticleLaw & regulation23 Jul 2026
Fractional ownership, SM REITs and the future of Indian real estate: six questions
Bar & Bench
Lawyers answer six common questions on how the SM REIT framework has brought fractional ownership of property under SEBI regulation.
Why read it: A current legal view of what is and is not allowed when pooling investors.
Read on barandbench.com (opens in a new tab) - NewsFranchise expansion18 Mar 2026
A QSR chain raises Series B to build a franchise-first platform
Outlook Business
A 200-plus-store burger chain raised funding to scale through local franchise partners. The brand supplies design, training, supply chain and technology; partners fund and run the outlets.
Why read it: A recent example of a brand growing with franchisee capital rather than its own.
Read on outlookbusiness.com (opens in a new tab) - NewsFranchise expansion1 Apr 2026
Jubilant FoodWorks extends Domino's India franchise pact by 15 years
Business Standard
India's largest pizza master franchisee renewed its rights for 15 years with an option to extend. It runs thousands of stores across three countries.
Why read it: Shows the tenure and scale a master-franchise relationship can reach.
Read on business-standard.com (opens in a new tab) - VideoLaw & regulation
SEBI notifies Small & Medium REITs to regulate fractional ownership of real estate
CNBC-TV18
A short news explainer on SEBI's new SM REIT category and what it changes for fractional ownership of property.
Why read it: A quick video introduction for owners and investors new to the framework.
Watch on youtube.com (opens in a new tab) - VideoFranchise expansion
Westlife's Amit Jatia & Akshay Jatia on the long-term vision for McDonald's
CNBC-TV18
Leaders of the master franchisee for West and South India talk about long-term outlet expansion and strategy.
Why read it: A first-hand view of how a large franchisee plans outlet growth.
Watch on youtube.com (opens in a new tab) - VideoFranchise expansion
Westlife Vision 2027 | Akshay Jatia | ET NOW
ET Now
An interview on a QSR master franchisee's store-expansion roadmap to 2027.
Why read it: Shows the store-count plans that drive demand for QSR-grade space.
Watch on youtube.com (opens in a new tab)
From the FicoFoco desk
City insights built on live Requirement Book data, and how the marketplace itself works.
City insight
Who is looking for retail space in Surat — September 2026
Four verified brands want space in Surat right now — footwear, menswear, a family restaurant chain and a preschool — needing 600 to 10,000 sqft.
How it works
How a deal moves on FicoFoco
Requirement, AI match, three-party mandate, Deal Room, close. We never move money, never promise returns and never reveal a party before a signed mandate.
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