Hunger Pangs Limited, the parent company of vegetarian Burmese restaurant chain Burma Burma Restaurant & Tea Room, has filed its draft red herring prospectus (DRHP) for an IPO comprising a fresh issue of up to Rs 150 crore.
Founded by Ankit Gupta and Chirag Chhajer, the company plans to allocate Rs 117.3 crore from the IPO proceeds towards opening 27 company-owned restaurants across FY28 and FY29.
The expansion follows a 46.6% increase in revenue to Rs 155.5 crore in FY26. However, the company reported a wider net loss of Rs 15.4 crore during the year. Its expenses rose 61.8%, alongside an increase in its restaurant network from 12 to 21 outlets.
The company’s EBITDA margin declined from 20.1% to 16.5% in FY26, while its average bill value dropped from Rs 2,560 to Rs 2,400.
With 27 additional restaurants planned over the next two financial years, managing operating costs and improving outlet-level profitability will be key priorities as Burma Burma scales its business. The company’s ability to sustain customer spending and replicate its existing restaurant economics across new locations will play an important role in determining the financial returns from its expansion
