Burma Burma's IPO Filing Shows ₹155.5 Crore Revenue, 52% of Its 2024 Target
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Burma Burma's IPO Filing Shows ₹155.5 Crore Revenue, 52% of Its 2024 Target
Hunger Pangs, the restaurant chain's parent, filed a draft prospectus with a ₹15.4 crore loss and 22 outlets, against a 2024 promise of ₹300 crore of revenue at a 20% EBITDA margin before listing.
Hunger Pangs Limited, the parent of the vegetarian Burmese restaurant chain Burma Burma, has filed a draft red herring prospectus with SEBI for an IPO of up to ₹150 crore of fresh shares plus an offer for sale of up to 2.79 crore shares, Inc42 reported on October 20. The filing shows FY26 operating revenue of ₹155.5 crore and a net loss of ₹15.4 crore.
In September 2024, co-founder Chirag Chhajer told Restaurant India the company would list between April and December 2027 after reaching ₹300 crore of revenue at a 20% EBITDA margin. FY26 revenue is 52% of that revenue target, and the filing reports a loss, not an EBITDA margin.
The 2024 plan against the FY26 filing
Revenue grew 46.6% from ₹106.1 crore in FY25. Net loss was ₹15.4 crore, against ₹50 lakh the year before, so the loss is about 9.9% of revenue. Dine-in is 88.82% of sales and delivery 10.76%.
| September 2024 plan | DRHP, October 2026 | |
|---|---|---|
| Outlets | 13, to triple before IPO | 22 restaurants in nine cities (as of July 31, 2026) |
| Revenue | ₹300 crore before listing | ₹155.5 crore in FY26 |
| Profitability | 12% to 15% EBITDA, 20% before IPO | net loss ₹15.4 crore |
| Listing window | April to December 2027 | DRHP filed October 2026 |
- Run rate, Sept 2024120 ₹ crore
- FY26 operating revenue155.5 ₹ crore
- Pre-IPO target300 ₹ crore
Source: Restaurant India, 11 Sep 2024 (target, run rate); Inc42, 20 Oct 2026 (FY26 DRHP)
The outlet count went from 13 to 22, which is 1.7x against an aim of 3x. Restaurant India also reported a run rate of about ₹120 crore in 2024 and an EBITDA margin of 0.7% the prior year. Revenue per restaurant at year-end count is about ₹7.1 crore, though that understates it because many outlets opened during the year.
Who owns it and who is selling
The filing lists 110 shareholders. Co-founders Ankit Gupta and Chirag Chhajer hold 33.35% each and plan to sell up to 60 lakh shares apiece, so the two account for 1.2 crore of the 2.79 crore shares in the offer. The remaining 1.59 crore come from other holders, which Inc42's report does not break down.
Negen Capital holds about 10% through two funds, first invested in November 2022 and added in 2023. It led the ₹38 crore round in March 2026 at a ₹500 crore valuation, with Endurance Capital and Coheron Wealth participating. Total private funding is about $11 million.
At ₹500 crore, the March valuation is 3.2x FY26 revenue. The ₹150 crore fresh issue equals 30% of that valuation, before any offer-for-sale shares are counted.
What the money buys
The fresh issue is meant to open 27 company-owned outlets in Tier I and II cities, 12 in FY28 and 15 in FY29, covering civil and interior work, kitchen equipment and setup. Spread across all 27, ₹150 crore is about ₹5.6 crore each, though Inc42 does not give the split between outlets and other uses.
The board was reshaped before filing. Shivakumar Dega, an operating partner at Advent International, became chairman and independent director in July. Kushal Budhia, cofounder and group CFO of BetterPlace, joined in July, and Pavitra Joshi Singh, CHRO and VP at PepsiCo India and South Asia, in September.
Other Indian IPO filings have been judged on earnings, as with Tonbo Imaging's listing. Town's Series B shows private investors paying for growth ahead of margin. Burma Burma's filing gives public investors a loss to price instead.
The next event is SEBI's response to the draft. Chhajer's 2024 window for listing, "between April and December 2027", is the date the filing will be measured against.
Sources
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