The funds will be infused for expansion in both the dining and quick service businesses and supply chain network. Ashika Capital was a financial advisor for the funding, the company said.
Viren DSilva, co-founder of Good Flippin’ Burgers said: “This investment is a significant milestone and will empower us to expand our operations, fortify our supply chain, and bring our burgers to a wider customer base.”
Founded by entrepreneurs Viren Dsilva, Sijo Mathew and Sid Marchant in 2019, the brand has a current footprint of 23 outlets.
India’s leading quick-service restaurant (QSR) companies will add close to 2,300 stores between FY23 and FY25, on an estimated Rs 5,800 crore of capex, ratings company ICRA wrote in a note recently.
The note said the QSR chains will leverage demand in both metros and small markets, which is being fuelled by competitive pricing and higher demand for western-style fast food. This is despite a slowdown reported by QSR chains in the March quarter, impacted by inflation.ICRA forecasted that a majority of this expansion would be funded through internal accruals and cash reserves, raised via pre-IPO and IPO routes.
Evolving consumption patterns and taste, marketing push, and expansion on highways is facilitating growth in the QSR sector, industry analysts said.