- Hunger Pangs Ltd filed DRHP with SEBI to raise funds via an IPO in India
- IPO includes fresh equity issue of Rs 150 crore and offer for sale of 2.79 crore shares
- Funds will support opening new Burma Burma restaurants and general corporate needs
As the Hunger Pangs Ltd plans to expand its restaurant network across India, the operator of the Burma Burma Restaurant & Tea Room chain has submitted its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO),
According to the DRHP, the proposed IPO comprises a fresh issue of equity shares worth up to Rs 150 crore and an offer for sale (OFS) of up to 2.79 crore shares by existing shareholders. The proceeds from the fresh issue will primarily fund the opening of new Burma Burma restaurants across India, with the remaining amount allocated for general corporate purposes.
The OFS will include shares offered by promoters Ankit Virendra Gupta and Chirag Narendra Chhajer, promoter-group entity Bbigplas Poly Pvt Ltd, and investors Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund and L V Angel Fund. Other selling shareholders include Nisarg Ajaykumar Vakharia, Shweta Sharma and Mehul Kirit Mehta.
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Panthomath Capital Advisors Pvt Ltd has been appointed as the sole book-running lead manager for the issue.
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Hunger Pangs operates Burma Burma, a premium Pan-Asian casual dining chain specialising in Burmese cuisine. The brand combines its food offerings with cultural storytelling, distinctive restaurant interiors and an experiential dining format inspired by Myanmar's culinary traditions.
Revenue Grows 46.56% in FY26
Hunger Pangs reported revenue from operations of Rs 155.50 crore in FY26, compared with Rs 106.10 crore in FY25, registering year-on-year growth of 46.56%.
Its EBITDA increased from Rs 21.35 crore in FY25 to ₹25.68 crore in FY26, while the EBITDA margin stood at 16.51% in FY26.
Expansion Plans and Industry Outlook
As of July 31, 2026, the company operated 22 restaurants, one delivery kitchen and three warehouses across nine Indian cities. Its outlets are located in premium shopping malls, high streets and corporate parks. The average bill value stood at Rs 2,400 in the financial year 2026.
The company has also expanded beyond dine-in services through delivery operations and its Burma Burma Shop platform, which offers opportunities to develop direct-to-consumer products, including packaged and ready-to-eat foods.
According to the company's cited industry report, India's full-service dining market was valued at approximately Rs 1.52 lakh crore in FY26 and is projected to reach Rs 2.18 lakh crore by FY30. Rising incomes, urbanisation and demand for differentiated dining experiences are expected to support market growth.
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