Burma Burma, a Burmese cuisine restaurant owned by Hunger Pangs Pvt Ltd, has raised another round of $2 million in equity investment from several family offices.
This latest capital infusion will be utilised to accelerate the company’s expansion plans, to triple the number of its restaurants in the near future, according to the company’s press release. The transaction was facilitated by Negen Wealth and assisted by Sarthak Ahuja and Aditi Randev from Niamh Ventures.
Earlier in November 2022, the restaurant chain had raised $2 million in a seed round led by Negen Capital.
Ankit Gupta and Chirag Chhajer founded Burma Burma in 2014 to make Burmese cuisine accessible to all. Burma Burma now operates 13 restaurants and delivery kitchens across India, including key locations in Delhi, Gurgaon, Noida, Mumbai, Bengaluru, Hyderabad, Kolkata, and Ahmedabad.
“We are not only looking to penetrate deeper into existing markets such as in Bengaluru, NCR, and Mumbai but also in newer cities such as Chennai, Chandigarh, and Jaipur while benchmarking ourselves against restaurants of international standards,” said Gupta in a statement. The company already has several locations signed for openings over the next four months, he added.
Over the past year, the company has doubled its footprint and annual recurring revenue (ARR) from Rs 46 crore in FY23 to over Rs 100 crore in FY24, according to the company’s press release.
The company has clocked an Ebitda (margin) of over 13 per cent in July and aims to hit a monthly Ebitda (margin) of over 15 per cent for FY25, as per the press release.
“We are at an inflexion point in India where discretionary spending by consumers has increased significantly,” said Chhajer in a statement. “This shift is not merely a temporary trend driven by post-pandemic behaviour but a fundamental change in consumer habits. With this changing consumer mindset, we’re going to triple our footprint over the next three years,” he added.
First Published: Aug 06 2024 | 6:12 PM IST
