Burma Burma raised the funding from several family offices, including existing investor Negen Capital
Founded in 2014, Burma Burma offers Burmese cuisine. It currently operates 13 restaurants and delivery kitchens
Burma Burma will use the funding to expand its presence by tripling the number of restaurants in the next three years
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Mumbai-based restaurant chain Burma Burma Restaurant and Tea Room has raised a funding of $2 Mn (about INR 16.8 Cr) from several family offices, including existing investor Negen Capital.
In a statement, Burma Burma said it will use the funding to expand its presence by tripling the number of restaurants in the next three years.
“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…,” Burma Burma founder Ankit Gupta said.
Founded in 2014 by Gupta and Chirag Chhajer, Burma Burma offers Burmese cuisine. It operates 13 restaurants and delivery kitchens currently in key cities like Delhi NCR, Mumbai, Bengaluru, Hyderabad, Kolkata and Ahmedabad.
The restaurant chain claims to have doubled its footprint over the last year.
The company said its EBITDA stood at over 13% in July and it is aiming for an EBITDA of over 15% in FY25.
The fundraise comes almost two years after the restaurant chain raised $2 Mn in its seed round, which was led by Negen Capital, in November 2022. The round also saw participation from Bbigplas Poly and other angel investors.
The development comes at a time when a number of restaurant chains have raised funding in recent times.
Last month, Charcoal Eats bagged INR 45 Cr (about $5.3 Mn) in a funding round led by healthcare company Paras Pharma’s founder Girish Patel.
Prior to that, quick service restaurant (QSR) chain BIGGUYS raised $2 Mn in its bridge funding round from a host of non-resident Indians (NRIs) in a mix of equity and other instruments.
At the heart of this investment rush towards the restaurant chains is the country’s growing foodservice market. As per a report by Mordor Intelligence, India’s foodservice market is expected to grow at a CAGR of over 10% to reach a size of $125.06 Bn by 2029 from $77.54 Bn currently.
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