In an extended Series A round led by its current investor Tanglin Venture Partners, quick service burger chain Good Flippin’ Burgers has raised Rs 30 crore, or roughly $3.6 million.
According to Good Flippin’ Burgers’ regulatory filing, which can be accessed through the RoC, the board approved a special resolution to issue 34,366 Series A1 cumulative compulsory convertible preference shares at an issue price of Rs 8739.56 apiece in order to raise Rs 30 crore.
This brings the total amount of funding the company has raised to $8.6 million, including a $4 million Series A round in June 2023 led by Tanglin Venture Partners.
The company is estimated to be worth Rs 400 crore, or $48 million (post-money), by the media. Comparing this to its previous funding, the valuation had increased by a factor of three.
Good Flippin’ Burgers was founded by Sijo Mathew, Sid Marchant, and Viren D’silva. As of right now, the chain has 25 locations in Delhi, Gurgaon, Noida, and Mumbai. Through their websites and online aggregators like Zomato and Swiggy, the stores provide delivery services directly to customers.
The five-year-old Good Flippin’ Burgers saw significant expansion in its operational revenue during FY23, rising 3.58 times to Rs 32.53. Regarding profitability, the business reported a loss of Rs 3.91 crore for the fiscal year that concluded in March 2023. It hasn’t yet released the FY24 figures.
The startup from Mumbai faces competition from Biggies Burger, Whataburger, and Burger Singh. Biggies Burger completed a seed round led by Indian Angel Network in September 2022, raising Rs 5.5 crore. Additionally, Burger Singh received Rs 30 crore in July 2022 from Negen Capital in a Series A round.
