Burma Burma plans IPO and expansion in 3 years, by 2027 to Rs. 300 crore revenue target

Vegetarian Burmese restaurant chain Burma Burma plans to go public with an IPO in the next three years, co-founders Chirag Chhajer and Ankit Gupta told ET.

The company aims to triple its footprint before going public, they said.

Last month Burma Burma (Hunger Pangs Private Limited) raised $2 million in equity investment and is looking to raise another $3 million. The round is expected to see participation from existing investors Negen Capital and Family Office.

Burma Burma operates 13 restaurants and delivery kitchens across India, including locations such as Delhi, Gurgaon, Noida, Mumbai, Bengaluru, Hyderabad, Kolkata and Ahmedabad.

“We plan to take our company public in 2027 and are looking to go public between April and December 2027. By then we have collected around Rs. We intend to reach a revenue of 300 crores. We have already spent about Rs. 120 crore at a run rate and we are about Rs. We will end the year with a run rate of Rs 150 crore,” Chirag Chhajar said.

“In the next two to three years, we intend to double from where we are today. Last year, we spent the first six months at Rs. 29.5 crore and this year we have in the first half of this year Rs. We are at 53 crores. From last year’s 0.7% EBITDA, this year, we will close anywhere between 12-15% EBITDA. 20% EBITDA with Rs. 300 crore revenue is the level we want to reach before we go public,” he added.

The company also wants to expand its footprint in existing cities.

“We are definitely very bullish in the international markets, especially in the UAE and London. We are looking for synergies across borders. But our focus remains on India as a market. If we get a good opportunity down the road, our first destination for expansion could be UAE or UK,” said Ankit Gupta.

12% of the company’s total income comes from delivery platforms and Gupta said this is a share the company expects to maintain going forward.

The founders said that over the past year, This Company saw Significant growth, its footprint and Annual Recurring Revenue (ARR) in FY 2023 to Rs. 46 crore to double in FY 2024 to Rs. More than 100 crores.

“There is a lot of depth in the country. When we launched in 2014 we thought we might have one or two outlets in Mumbai but now places like Mumbai, Bengaluru and NCR might have 10 outlets each,” Chhajer said.

Gupta said the company has its own R&D lab with ‘constant’ innovation in terms of ingredients. “Our focus as a company is only to do Burma Burma justice because Burmese cuisine still has a lot to offer,” he added.