Homegrown brand, Burger Singh has raised ₹30 crore in Series A funding round led by Negen Capital. Other investors that participated in the round include Lets Ventures, Mumbai Angels, Old World Hospitality (Rohit Khattar) besides singer and music composer Jasleen Royal.
The round also saw participation from existing investors RB Investments, Rukam Capital, KCT Family Office and VM Salgaocar family office (Goa), it added. The company aims to deploy these funds to launch an additional 120 food court outlets in FY23.
In a statement, Kabir Jeet Singh, CEO and Founder of Burger Singh, said “Our robust business model has sailed steadfast through two unprecedented global events - the pandemic and inflation. With this round, both current and new investors have once again supported our mantra. .”
Burger Singh, which opened its first outlet in 2014, now has over 80 outlets in India with additional 12 franchise outlets under fit-outs across the country. The company said it is scaling rapidly and clocked a growth of 223 per cent in the past year, with the launch of 50 outlets since 2020.
Neil Bahal, Founder & CEO - Negen Capital, said, “Kabir and his team have built Burger Singh with excellent unit level economics which are at par, if not better than, some of the MNC burger chains too. The QSR space in India is a very exciting proposition right now due to the Indian consumption landscape moving to the next stage of evolution. Powered by 360 million millennials and dramatically improved unit level economics have made the industry very attractive for investors like us that want to invest in high growth, predictable and profitable startup.”