Homegrown fast-food chain Burger Singh has devised a robust expansion strategy, with ambitions to add over 250 new stores and nearly double its workforce to surpass 2,500 employees by the close of the fiscal year 2025.
According to Burger Singh founder Kabir Jeet Singh, the company intends to secure $10 million in funding next year to support their expansion efforts.
“We are about to appoint one of the leading consulting, accounting firms as our investment banker for our Series B round,” he said.
“Even though the company has a runway in terms of funds for the next three years, raising capital takes at least a year… So, if we start the process in 2024 it will take another 8 to 10 months for the funds to flow in,” Singh said.
At present, Burger King maintains a workforce of approximately 1,200 employees and operates 105 establishments nationwide. Additionally, the company has 50 more outlets currently in the construction phase, expected to open during the current fiscal year.
In addition to recruiting staff for its retail locations, the company will also be expanding its workforce at the corporate head office.
“Most of the hiring for corporate roles (tech, marketing, etc) is from the IITs and other colleges,” Singh said.
To date, Burger Singh has successfully garnered a sum of $10 million in investments from various backers, which includes notable individuals such as Ashish Dhawan, the Co-Founder of ChrysCapital, and Rajesh Bothra from RB Investments. The company’s Series A funding round was spearheaded by Negen Capitals, contributing an investment of $3.6 million.
The forthcoming funding round will primarily be allocated for the establishment of company-owned outlets throughout India, with a particular focus on expanding into additional regions in the southern part of the country. Prospective locations in this expansion plan encompass Chennai, Bengaluru, Hyderabad, Coimbatore, Kochi, Visakhapatnam, and Madurai.
Burger Singh is also actively pursuing the expansion of its Burger Singh Express model, which involves establishing compact and nimble 100-square-foot outlets in settings such as malls, metro stations, airports, and hospitals, as outlined by Singh.