Burger Singh raises ₹30 crore, to open 120 outlets in 6 months
Burger Singhhas raised ₹30 crore in a Series A funding round led by Negen Capital, Lets Ventures and others.
- It plans to deploy the funds to launch an additional 120 food court outlets in the fiscal year 2023.
- Burger Singh launched its first outlet in 2014 in Gurugram, and has added 50 stores in the last two years.
AdvertisementIndian burger chain Burger Singh on Thursday said that it has raised ₹30 crore in a funding round led by Negen Capital, LetsVentures, Mumbai Angels, Old World Hospitality and singer Jasleen Royal.
Existing investors RB Investments, Rukam Capital, KCT Family Office and V.M. SALGAOCAR family office based in Goa also participated in the Series A round, the company said.
Tipping Mr Pink Pvt Ltd, the holding company of Burger Singh, said that the company managed to close the current funding round in 60 days. It plans to deploy the capital to launch an additional 120 food court outlets in the fiscal year 2023.
“Our ideology has always been to provide sustainable growth to our investors. Our compelling business model has sailed steadfast through two unprecedented global events - the pandemic and inflation… We would rather be the winning tortoise of the QSR (quick service restaurant) race than the cursory ill-fated rabbit,” said Kabir Jeet Singh, CEO and founder of Burger Singh.
Burger Singh launched its first outlet in 2014 in Gurugram, and has added 50 stores in the last two years. The company currently runs a total of 80 outlets across Delhi NCR, Lucknow, Jaipur, Dehradun, Jammu, Nagpur, Ahmedabad, Jhansi, Chandigarh, and Amritsar, among others.
“The QSR space in India is a very exciting proposition right now due to the Indian consumption landscape moving to the next stage of evolution. Powered by 360 million millennials and dramatically improved unit-level economics have made the industry very attractive for investors like us who want to invest in high-growth, predictable and profitable startups,” Neil Bahal, founder and CEO of Negen Capital, said.
According to a report by ICICI Securities, the low-ticket segment of staple food is struggling due to high inflation as the segment is mostly dependent on the bottom strata for incremental volumes. However, Indians do not seem to have lost their appetite for fast food and QSRs are largely safe from this negative sentiment.
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