Burma Burma plans to serve up an IPO in next three years

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 is also aiming to triple its footprint before going public, they said.

Last month Burma Burma (Hunger Pangs Pvt Ltd) 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 offices.

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


"We plan to take our company public in 2027 and are looking at going public between April and December 2027. We intend to reach around '300 crore in revenues by then. We are already at a run rate of about '120 crore and we will end the year at a run rate of about '150 crore," said Chirag Chhajer. "In the next two to three years, we intend to double from where we are today. Last year, we closed the first 6 months at '29.5 crore and this year we are at '53 crore for the first half of this year. From last year's 0.7% Ebitda, this year, we would close anywhere between 12-15% Ebitda. '300 crore revenues with a 20% Ebitda is the level we intend to reach before we go public," he added.

The company intends to expand its footprint in existing cities as well. "We are definitely very bullish on international markets, particularly UAE and London. We are exploring synergies across the border. But our focus remains India as a market. If we get a good opportunity along the way, then our first destination for expansion could be the UAE or UK," said Ankit Gupta.