Burma Burma Parent Hunger Pangs Files DRHP for Rs 150 Cr IPO
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Khushi Jain
- October 17, 2026
Hunger Pangs, the parent company of restaurant chain Burma Burma, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) comprising a fresh issue of up to Rs 150 Cr and an offer for sale (OFS) of up to 2.8 Cr shares.
Cofounders and promoters Ankit Gupta and Chirag Chhajer will each sell up to 60 Lakh shares through the OFS. Other selling shareholders include Bbigplas Poly, Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund, and an LV Angel Fund scheme.
The company plans to use Rs 117.29 Cr from the fresh issue to open 27 company-owned restaurants during FY28 and FY29. The expansion will cover existing markets and new Tier I and Tier II cities.
Hunger Pangs expects to open 12 restaurants in FY28 and another 15 in FY29. The funds will cover civil and interior work, kitchen equipment, and other setup costs.
No restaurant funded through the IPO is expected to begin operations in FY27. However, the company has earmarked Rs 10 Cr for advance payments towards fit-outs and other preparatory expenses during the year. It plans to deploy Rs 54.63 Cr in FY28 and Rs 52.66 Cr in FY29.
Burma Burma has identified locations for five outlets in Bengaluru, Surat, Jaipur, Kolkata, and Delhi, and signed letters of intent for the sites. Locations for the remaining restaurants are yet to be finalised.
The remaining net proceeds will be used for general corporate purposes, capped at 25% of the gross proceeds.
Burma Burma Raised Rs 38 Cr at Rs 500 Cr Valuation
The IPO filing comes months after Burma Burma raised Rs 38 Cr at a valuation of Rs 500 Cr to expand into new cities. Hunger Pangs has raised over $11 Mn to date from investors including Negen Capital, Endurance Capital, and Coheron Wealth.
Founded in 2013, Hunger Pangs opened its first Burma Burma restaurant in Mumbai in 2014. The chain serves vegetarian Burmese cuisine and operates in the premium casual dining segment.
As of July 31, the company operated 22 restaurants across nine cities, including Mumbai, Bengaluru, Hyderabad, Kolkata, and Delhi NCR. It also operated a delivery kitchen in Mumbai.
Burma Burma competes in the broader Asian dining segment with restaurant chains such as Mainland China, Mamagoto, Yum Yum Cha, and Berco’s.
Beyond Burma Burma, Hunger Pangs has conceptualised a premium casual dining chain of Japanese restaurants and noodle shops. The proposed brand remains under research and development.
Revenue Grows, But FY26 Loss Widens
Hunger Pangs’ operating revenue rose 46.6% to Rs 155.5 Cr in FY26 from Rs 106.1 Cr in FY25. However, its net loss widened to Rs 15.4 Cr from Rs 50.5 Lakh a year earlier, as expenses grew faster than revenue.
Total expenses increased 61.8% to Rs 175.8 Cr from Rs 108.7 Cr in FY25. EBITDA grew 20.2% to Rs 25.7 Cr from Rs 21.4 Cr, while the EBITDA margin contracted to 16.5% from 20.1%.
During FY26, the company expanded its restaurant network from 12 to 21 outlets, increasing its seating capacity to 1,991 from 1,082. However, the average bill value declined to Rs 2,400 from Rs 2,560.
For Q1 FY27, Hunger Pangs reported operating revenue of Rs 53.7 Cr and EBITDA of Rs 11.4 Cr, translating into an EBITDA margin of 21.3%.
The company posted a net profit of Rs 1.1 Cr during the quarter, supported by a Rs 2 Cr deferred tax credit. Before tax, it recorded a loss of Rs 89 Lakh.
FAQs
1. What is the size of Hunger Pangs’ proposed IPO?
The IPO comprises a fresh issue of up to Rs 150 Cr and an OFS of up to 2.8 Cr shares.
2. How will Hunger Pangs use the IPO proceeds?
The company plans to use Rs 117.29 Cr to open 27 company-owned restaurants in FY28 and FY29. The remaining net proceeds will be used for general corporate purposes, capped at 25% of the gross proceeds.
3. Who are the promoters selling shares in the IPO?
Cofounders and promoters Ankit Gupta and Chirag Chhajer will each offload up to 60 Lakh shares through the OFS.
4. What was Hunger Pangs’ operating revenue in FY26?
Its operating revenue rose 46.6% to Rs 155.5 Cr in FY26 from Rs 106.1 Cr in FY25.
5. How many restaurants did Burma Burma operate as of July 31?
Burma Burma operated 22 restaurants across nine cities, alongside a delivery kitchen in Mumbai.
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