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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.

Burma Burma plans to use ₹117.29 Cr from its fresh issue to open 27 company-owned restaurants over FY28 and FY29, expanding in existing markets and entering new Tier I and Tier II cities. The company expects to open 12 outlets in FY28 and 15 in FY29, with the funds covering civil and interior work, kitchen equipment and other setup costs.

While no IPO-funded restaurant is expected to begin operations in FY27, the company has earmarked ₹10 Cr that year for advance payments towards fit-outs and other preparatory expenses. It plans to deploy ₹54.63 Cr in FY28 and ₹52.66 Cr in FY29.

Burma Burma has identified locations for five outlets in Bengaluru, Surat, Jaipur, Kolkata and Delhi, and signed letters of intent for the sites. Locations for the remaining restaurants are yet to be finalised. The remaining net proceeds will be used for general corporate purposes, capped at 25% of the gross proceeds.

The development comes months after Burma Burma raised ₹38 Cr at a valuation of ₹500 Cr, to expand its footprint into new cities. It has raised over $11 Mn to date from the likes of Negen Capital, Endurance Capital, Coheron Wealth, among others.

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.

Burma Burma competes in the broader Asian dining segment with restaurant chains such as Mainland China, Mamagoto, Yum Yum Cha, and Berco’s.

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.

Revenue Grows, But FY26 Loss Widens

On the financial front, Hunger Pangs’ operating revenue rose 46.6% to ₹155.5 Cr in FY26 from ₹106.1 Cr in FY25. However, its net loss widened to ₹15.4 Cr from ₹50.5 Lakh a year earlier, as expenses grew faster than revenue.

Total expenses increased 61.8% to ₹175.8 Cr from ₹108.7 Cr in FY25. EBITDA grew 20.2% to ₹25.7 Cr from ₹21.4 Cr. However, EBITDA margin contracted to 16.5% from 20.1%.

During FY26, the company expanded its restaurant network from 12 to 21 outlets, taking its seating capacity to 1,991 from 1,082. However, the average bill value declined to ₹2,400 from ₹2,560.

For Q1 FY27, Hunger Pangs reported operating revenue of ₹53.7 Cr and EBITDA of ₹11.4 Cr, translating into an EBITDA margin of 21.3%.

It posted a net profit of ₹1.1 Cr during the quarter, supported by a ₹2 Cr deferred tax credit. Before tax, the company recorded a loss of ₹89 Lakh.

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