Hunger Pangs, the parent company of the vegetarian restaurant chain Burma Burma, has filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) with a fresh issue of up to ₹150 crore and an offer for sale (OFS) of up to 2.8 crore shares. Cofounders Ankit Gupta and Chirag Chhajer will sell up to 60 lakh shares each through the OFS. The filing was made recently, marking a significant step for the premium casual dining brand.
The IPO proceeds will primarily fund the expansion of Burma Burma’s footprint, with ₹117.3 crore earmarked to open 27 company-owned restaurants. The rollout is planned over fiscal years 2028 and 2029, with 12 outlets targeted for FY28 and 15 for FY29. The company expects to spend ₹10 crore in FY27 on preparatory expenses such as fit-outs. Locations for five new restaurants have been identified in Bengaluru, Surat, Jaipur, Kolkata, and Delhi, with letters of intent signed. Other shareholders participating in the OFS include Bbigplas Poly, Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund, and an LV Angel Fund scheme, according to inc42.com.
Founded in 2013, Hunger Pangs launched its first Burma Burma restaurant in Mumbai in 2014. The chain specializes in vegetarian Burmese cuisine and operates in the premium casual dining segment. As of July 31, it ran 22 restaurants across nine cities, including major metros like Mumbai, Bengaluru, Hyderabad, Kolkata, and Delhi NCR, along with a delivery kitchen in Mumbai. The fresh capital raise will support the company’s strategy to deepen its presence in India’s growing casual dining market, which has seen increased investor interest in recent years.
The DRHP filing details that the remaining net proceeds from the fresh issue will be used for general corporate purposes. The company’s expansion plan includes finalizing locations for the remaining outlets beyond the five already identified. The IPO process will proceed as per regulatory timelines, with the company’s next formal update expected during the public offering stage.