Tipping Mr Pink Pvt Ltd, which operates the quick service restaurant (QSR) brand Burger Singh, said Thursday it has raised an undisclosed amount in a pre-Series B funding round.
The company raised the round at a valuation of $52 million, it said in a statement.
Turner Morrison Ltd, a privately held company, led the round. Homage Ventures LLP, the family office of Akasa Air co-founder Aditya Ghosh, and several existing investors, also joined the round.
Burger Singh said its list of investors includes Ashish Dhawan, Rajesh Bothra of RB Investments, Negen Capital, singer Jasleen Royal, actor Rannvijay Singh, Rukkam Capital, Anicut Capital co-founder Ashvin Chadha, Vikramaditya Mohan Thapar Family Trust, VM Salgaocar family office, the family office of Sona Comstar’s Sunjay Kapur, Mumbai Angels, and LetsVenture.
The company said it will use the funding to expand the network of its kiosks across New Delhi. Specifically, it aims to deploy 15 kiosks in the next two months across Delhi.
"These kiosks reduce the traditional risks associated with location, fit-out costs and high rentals, ensuring our franchisees can achieve a faster return on their investment," said Kabir Jeet Singh, founder, Burger Singh.
The company also intends to raise $10 million in funding by December 2024, according to its statement.
Founded in 2014, Burger Singh is a homegrown burger chain. The company launched its first outlet in Gurugram and currently has around 150 outlets in 65 cities like Delhi-NCR, Lucknow, Jaipur, Dehradun, Jammu, Nagpur, Ahmedabad, Jhansi, Chandigarh and Amritsar.
In 2022, the chain secured Rs 30 crore in its Series A round. The round was led by Negen Capital and saw participation from a host of investors like LetsVenture, Mumbai Angels, Old World Hospitality, Jasleen Royal, RB Investments, Rukam Capital, KCT Family Office and VM Salgaocar family office.
In FY22, the QSR chain clocked Rs 29 crore in net sales and a loss of Rs 3.1 crore. Its net sales stood at Rs 13 crore and losses at Rs 7.7 crore in FY21.
This is the second major fundraising in the QSR space in the last two weeks. Earlier this month, biryani and kebab chain, Biryani By Kilo secured around $9 million (Rs 75 crore) in a Series C round from Alpha Wave Ventures and IvyCap Ventures, in what was reported as the first tranche of an ongoing Series C round. VCCircle reported that the company may raise around $25 million in the Series C round.
