[Funding Alert] Burma Burma Restaurant and Tea Room Bags $2 Mn to Triple Its Restaurant Count

Mumbai-based restaurant chain Burma Burma Restaurant and Tea Room has raised $2 million (approximately Rs 16.8 crore) from several family offices, including existing investor Negen Capital. This funding will support the restaurant's expansion plans, aiming to triple its number of outlets over the next three years.

"We are not only looking to penetrate deeper into existing markets such as Bengaluru, NCR, and Mumbai but also in newer cities such as Chennai, Chandigarh, and Jaipur," said Ankit Gupta, Founder, Burma Burma .

Founded in 2014 by Ankit Gupta and Chirag Chhajer, Burma Burma specializes in Burmese cuisine. The chain currently operates 13 restaurants and delivery kitchens in key cities including Delhi NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, and Ahmedabad. The restaurant chain has doubled its footprint over the past year.

In July, the company's EBITDA stood at over 13 percent, with a target to achieve an EBITDA of over 15 percent by FY25. This recent funding round follows the restaurant chain's $2 million seed round in November 2022, led by Negen Capital with participation from Bbigplas Poly and other angel investors.

The investment in Burma Burma comes amidst a broader trend of restaurant chains raising funds. Last month, Charcoal Eats secured Rs 45 crore ($5.3 million) in a round led by Girish Patel, founder of healthcare company Paras Pharma. Additionally, quick service restaurant (QSR) chain BIGGUYS raised $2 million in bridge funding from a group of non-resident Indians (NRIs) through a mix of equity and other instruments.

The surge in investments is driven by the growing food service market in India. According to a report by Mordor Intelligence, India's food service market is projected to grow at a CAGR of over 10 percent, reaching a size of $125.06 billion by 2029 from the current $77.54 billion.