Hunger Pangs Limited, the entity behind the premium Burmese dining franchise Burma Burma, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) with the objective of raising capital through an initial public offering (IPO). This anticipated IPO features a new issuance of equity shares valued at Rs 150 crore alongside an offer for sale (OFS) of up to 2.79 crore shares by current shareholders. The promoters, Ankit Virendra Gupta and Chirag Narendra Chhajer, are set to divest up to 60 lakh shares each. Also, Bbigplas Poly, an entity within the promoter group, will offload up to 42 lakh shares.
Among the investor shareholders, Negen Tech Opportunities Angel Fund intends to sell up to 64.68 lakh shares, while Venture Catalysts Angel Growth Fund aims to divest up to 27.72 lakh shares and L V Angel Fund plans to sell up to 5.25 lakh shares. Additional shareholders participating in this selling process include Nisarg Ajaykumar Vakharia, Shweta Sharma, and Mehul Kirit Mehta.
The funds raised from this new issue will be directed towards establishing additional Burma Burma locations throughout India as well as for general corporate requirements. Panthomath Capital Advisors is the exclusive book-running lead manager for the issue.
Hunger Pangs oversees Burma Burma, a distinguished Pan-Asian casual dining chain centred on Burmese cuisine, cultural narratives, and a unique dining experience. The company meticulously develops its menu through culinary research and innovation, backed by standardised procedures across its restaurant network.
As detailed in the company’s DRHP, it boasts 22 restaurants, one delivery kitchen, and three warehouses spread over nine cities as of July 31, 2026. The collective seating capacity of its establishments reached 1,991 as of June 30, 2026, while the average bill value stood at Rs 2,400 in the fiscal year 2026.
In addition to its dine-in offerings, the company manages the Burma Burma Shop platform and aims to broaden its delivery and direct-to-consumer services, which include ready-to-eat meals and other packaged food products.
On the financial side, Hunger Pangs experienced a year-on-year revenue growth of 46.56%, amassing Rs 156 crore in revenue from operations in FY26, up from Rs 106.1 crore in FY25. EBITDA rose to Rs 25.7 crore from Rs 21.4 crore during the same timeframe, yielding an EBITDA margin of 16.51% in FY26. However, the company also reported a net loss of Rs 15.37 crore for the year.
Looking forward, the company plans to broaden its restaurant presence, investigate new brands and cuisines, and enhance customer engagement as it aims to satisfy increasing demand for distinctive dining experiences across Indian cities. To date, Burma Burma has secured $11 million in funding, which includes a $4 million (Rs 38 crore) round that valued the company at Rs 500 crore earlier this year.