SUMMARY
The pre-Series B funding round also saw participation from existing investors, including Anicut Capital’s Ashvin Chadha and Thapar Family Trust’s Vikramaditya Mohan Thapar
Without disclosing the funding amount, Burger Singh said the round increased its valuation to $52 Mn
The startup claims to be the third-largest burger chain in India and competes with the likes of Burger King, McDonald’s, Subway, Domino’s, and KFC in the QSR space
Homegrown quick service restaurant chain Burger Singh on Thursday (December 14) said it has raised pre-Series B funding in a round led by trading company Turner Morrison Ltd, with participation from Homage Ventures LLP – Office of Aditya Ghosh.
The round also saw participation from existing investors, including Anicut Capital’s Ashvin Chadha, Thapar Family Trust’s Vikramaditya Mohan Thapar, Mumbai Angels, and LetsVentures.
While Burger Singh didn’t disclose the amount of funding raised, it claimed that the round increased its valuation to $52 Mn (approximately INR 433 Cr) from its last valuation of $23 Mn in July 2022.
The burger chain had raised INR 30 Cr in its Series A funding round led by Negen Capital in July last year.
Burger Singh said it plans to launch 15 ‘Burger Singh Express’ kiosks in 60 days at various metro stations in Delhi NCR to expand across high-traffic areas such as universities, malls, hospitals, and airports.
These kiosks, measuring 100 sq ft, require no water drainage or other utilities besides an electrical connection, making them highly adaptable and cost-effective, the startup claimed.
“Our expansion is not just about scaling up; it’s about innovating and evolving in the QSR space. The ‘Burger Singh Express’ model is a crucial part of this vision,” Burger Singh founder Kabir Jeet Singh said.
He said that the kiosks reduce the risk associated with location and high rentals and will help franchisees get a faster return on their investment.
Founded in 2014, Burger Singh currently has over 150 outlets in over 65 cities, including Delhi NCR, Lucknow, Jaipur, Dehradun. The startup, which claims to be the third-largest burger chain in India, competes with the likes of Burger King, McDonald’s, Subway, Domino’s, and KFC in the QSR space.
According to an Inc42 analysis, the Indian F&B market size stood at $11 Bn in 2022 and is expected to reach $68 Bn by 2030 at 25% CAGR. As a result, investors are betting big on the space and a number of startups in the space have bagged funding in recent times.
Earlier this year, Good Flippin’ Burgers raised $4 Mn in its Series A round of funding from Tanglin Venture Partners to focus on geographical expansion, reinforcing its supply chain, and further refining its dining and quick service models.
Also, QSR chain Third Wave Coffee secured $35 Mn in a Series C funding round led by private equity firm Creaegis to double down on technology and product innovation to deliver superior cafe experience across the country.
