Hunger Pangs Limited, the parent company of premium Burmese restaurant chain Burma Burma, has filed its draft red herring prospectus with the Securities and Exchange Board of India. The proposed initial public offering includes a fresh issue of equity shares worth ₹1.50 billion and an offer for sale of up to 27.93 million shares by existing shareholders. The company has raised US$11 million in total funding, including a US$4 million round at a valuation of ₹5 billion.
IPO Structure and Selling Shareholders
The offer for sale includes up to 6 million shares each from promoter shareholders Ankit Virendra Gupta and Chirag Narendra Chhajer. Promoter group entity Bbigplas Poly will offload up to 4.2 million shares, while investors such as Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund, and L V Angel Fund are also selling shares. Other selling shareholders include Nisarg Ajaykumar Vakharia, Shweta Sharma, and Mehul Kirit Mehta, and Panthomath Capital Advisors Private Limited is the sole book running lead manager.
Use of Proceeds and Expansion Plans
From the fresh issue, the company plans to deploy ₹1.17 billion to open 27 company-owned restaurants across fiscal 2028 and fiscal 2029, including 12 outlets in fiscal 2028 and 15 in fiscal 2029. It has earmarked ₹100 million in fiscal 2027 for advance payments, ₹546.3 million in fiscal 2028, and ₹526.6 million in fiscal 2029, with letters of intent signed for locations in Bengaluru, Surat, Jaipur, Kolkata, and Delhi. The remaining proceeds will be used for general corporate purposes, capped at 25 percent of gross proceeds.
Business and Market Position
Burma Burma was founded in 2013 and opened its first Mumbai restaurant in 2014, serving vegetarian Burmese cuisine in premium casual dining. As of July 31, 2026, the company operated 22 restaurants, one delivery kitchen, and three warehouses across nine cities, with 21 restaurants offering 1,991 seats and an average bill value of ₹2,400 in fiscal 2026, down from ₹2,560. It competes with Mainland China, Mamagoto, Yum Yum Cha, and Berco's, while delivery contributed 10.76 percent of revenue from operations.
Financial Performance
Revenue from operations increased 46.56 percent to ₹1.55 billion in fiscal 2026 from ₹1.06 billion in fiscal 2025. EBITDA rose to ₹256.77 million from ₹213.54 million, but the EBITDA margin narrowed to 16.51 percent from 20.1 percent, and the net loss widened to ₹153.7 million from ₹5.05 million as expenses grew 61.8 percent to ₹1.76 billion. In the first quarter of fiscal 2027, the company reported revenue of ₹537 million, EBITDA of ₹114 million, and a net profit of ₹11 million, supported by a ₹20 million deferred tax credit.
Strategic Outlook
Beyond its flagship brand, Burma Burma is developing a premium casual dining chain of Japanese restaurants and noodle shops that remains under research and development. The company is also scaling its delivery and direct-to-consumer offerings, including ready-to-eat and other packaged food products through Burma Burma Shop. Its growth strategy focuses on expanding into new cities, developing new brands and cuisines, and strengthening customer engagement across India.
The IPO offers Hunger Pangs Limited a path to accelerate restaurant expansion while giving existing shareholders a partial exit. With a pipeline of 27 new outlets, a distinctive vegetarian Burmese dining concept, and improving first quarter margin trends, the company aims to strengthen its presence in India's premium casual dining market. Successful execution across new cities will be central to converting its expansion plans into sustained profitability.