Burma Burma secures US$2.94M in equity funding to fuel expansion plans, targets IPO by 2027

INDIA – Burmese restaurant chain Burma Burma has announced it has raised INR 254.6 million (US$2.94 million) in equity funding to support its nationwide expansion.

The latest funding round for Burma Burma, led by Negen Capital with participation from NV Alpha Fund Management and several high-net-worth individuals (HNIs), signals strong investor confidence in the brand’s growth potential.

According to YourStory, this financial injection will drive the restaurant chain’s expansion, aiming to establish 24 outlets by the financial year 2026. 

Burma Burma, known for its Burmese cuisine, currently operates 12 locations across major Indian cities, including Delhi NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, and Ahmedabad.

As of December 2024, the company reported revenues of INR 105 million (US$1.21 million), with an outlet-level operating profit margin exceeding 28% and an EBITDA margin of 19%. 

Co-founder Chirag Chhajer outlined the company’s ambitious goals, aiming to achieve revenues of INR 3 billion (US$34.7 million) within two years while maintaining an EBITDA margin above 18%.

He noted that the recent funding would serve as a critical driver in realizing these targets and positioning the company for an initial public offering (IPO) by 2027. 

For the financial year 2024, Burma Burma reported revenues of INR 740 million (US$8.4 million)_ and expects a robust 50% growth in the subsequent year.

The funding round was facilitated by investment bankers Sarthak Ahuja and Aditi Randev from Niamh Ventures, alongside BV Raman from Negen Wealth. 

Ankit Gupta, the other co-founder, highlighted the brand’s vision to lead innovative cuisine concepts in India and beyond. While Burmese cuisine remains the core offering, the company is exploring new culinary projects to diversify its portfolio. 

In September 2024, Hunger Pangs, the parent company of Burma Burma, secured US$2 million in equity and sought an additional US$3 million, reaffirming investor trust in the brand.

This comes nearly two years after the restaurant chain’s seed funding round of US$2 million, also led by Negen Capital in November 2022, with participation from Bbigplas Poly and other angel investors. 

The restaurant chain’s funding success aligns with a broader trend in India’s burgeoning foodservice market.

As per Mordor Intelligence, the sector is projected to grow at a compound annual growth rate (CAGR) of over 10%, reaching US$125.06 billion by 2029 from its current size of US$77.54 billion. 

Founded in 2014, Burma Burma has cemented its position as a leader in Burmese cuisine while exploring opportunities to expand its reach and culinary innovation. 

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