Hunger Pangs, the parent of restaurant chain Burma Burma, has filed its DRHP for an IPO comprising a fresh issue of up to ₹150 Cr and an offer for sale (OFS) of up to 2.8 Cr shares.
Cofounders and promoters Ankit Gupta and Chirag Chhajer will offload up to 60 Lakh shares each 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 has earmarked ₹117.3 Cr from the fresh issue proceeds to set up 27 company-owned and operated Burma Burma restaurants. The remaining net proceeds will be used for general corporate purposes.
Of these proposed outlets, 12 are scheduled to open in FY28 and 15 in FY29. While none of the IPO-funded restaurants is expected to begin operations in FY27, the company plans to deploy ₹10 Cr during the year towards fit-outs and other preparatory expenditure.
It has identified locations for five of the proposed restaurants in Bengaluru, Surat, Jaipur, Kolkata, and Delhi, and entered into letters of intent. Locations for the remaining outlets are yet to be finalised.
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, it operated 22 restaurants across nine cities, including Mumbai, Bengaluru, Hyderabad, Kolkata, and Delhi NCR, alongside a delivery kitchen in Mumbai.
Beyond Burma Burma, the company has conceptualised a premium casual dining chain of Japanese restaurants and noodle shops. The proposed brand remains under research and development.
Hunger Pangs’ operating revenue increased 46.6% to ₹155.5 Cr in FY26 from ₹106.1 Cr in FY25. However, its net loss surged multifold to ₹15.4 Cr from ₹50.5 Lakh.
(The story will be updated soon)
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