Hunger Pangs, the parent of restaurant chain Burma Burma, has filed its DRHP with SEBI, proposing a fresh issue of up to ₹150 Cr and an offer for sale (OFS) of up to 2.79 Cr shares by existing shareholders
The IPO will help Burma Burma fuel its restaurant chain expansion, with the addition of 27 company-owned outlets, with the company targeting 12 openings in FY28 and 15 in FY29
Cofounders Ankit Gupta and Chirag Chhajer each hold a 33.35% stake, while its top eight shareholders collectively holding 83.19% of the company on a fully diluted basis
Last week, Hunger Pangs Limited, the parent company of restaurant chain Burma Burma
, filed its DRHP with SEBI, proposing a fresh issue of shares worth up to ₹150 Cr and an offer for sale (OFS) of up to 2.79 Cr shares.
Hunger Pangs has 110 shareholders, including its promoters and public shareholders. Cofounders Ankit Gupta and Chirag Chhajer each hold a 33.35% stake in the company and plan to offload up to 60 Lakh shares each.
Negen Capital, through its Negen Undiscovered Value Fund and Negen Tech Opportunities Angel Fund, holds about 10% stake in the company. The investment firm first invested in Hunger Pangs in November 2022 and doubled down in 2023.
Hunger Pangs’ shareholding remains concentrated, with its top eight shareholders collectively holding 83.19% of the company on a fully diluted basis.
Among the other shareholders, rubber and plastic manufacturing company Bbigplas Poly Private Limited holds a 2.72% stake, while Venture Catalysts owns 1.88%. Individual investors, including Sagun Capital founder Saket Agarwal and Nazara backer Nisarg Ajaykumar Vakharia, each hold about 1% stake in Hunger Pangs.
Meanwhile, the fresh issue will help Burma Burma expand its restaurant network, with plans to open 27 company-owned outlets in new Tier I and Tier II cities. The company expects to open 12 outlets in FY28 and another 15 in FY29. The funds will cover civil and interior work, kitchen equipment and other setup costs.
To note, Burma Burma opened its first restaurant in Mumbai in 2014 and specialises in vegetarian Burmese cuisine. As of July 31, 2026, the chain operated 22 restaurants across nine cities, including Mumbai, Bengaluru, Hyderabad, Kolkata and Delhi NCR. It also operated a delivery kitchen in Mumbai and three warehouses.
The chain operates in the broader Asian dining segment, competing with restaurant brands such as Mainland China, Mamagoto, Yum Yum Cha and Berco’s.
In March 2026, Burma Burma raised ₹38 Cr at a valuation of ₹500 Cr. The round was led by Negen Capital, with participation from Endurance Capital and Coheron Wealth. The company’s total private funding to date stands at about $11 Mn.
Hunger Pangs’ net loss surged to ₹15.4 Cr in FY26 from ₹50 Lakh in FY25, while operating revenue rose 46.6% YoY to ₹155.5 Cr from ₹106.1 Cr. Dine-in contributed 88.82% of operating revenue in FY26, while delivery accounted for 10.76%.
Shivakumar Dega
Dega has served as chairman and independent director at Hunger Pangs since July 2026. He has been an operating partner at Advent International since April 2023, according to his LinkedIn profile. He also serves on the boards of companies including iD Fresh, Intellect Design Arena, Leapfrog Strategy Consulting, PGP Glass and Yes Bank.
Ankit Virendra Gupta
Gupta is the cofounder and joint managing director of Hunger Pangs. After completing his management trainee programme at The Taj Mahal Palace in Mumbai, he worked in hotel operations for about two years. Around 2011, he returned to his family business before launching Burma Burma with Chhajer.
Chirag Narendra Chhajer
Chhajer is the cofounder and joint managing director of Hunger Pangs. He graduated in international business from Swinburne University in Melbourne, Australia, in 2008. He subsequently joined Chhajer Synthetics, his family’s textile trading business, before cofounding Burma Burma with Gupta.
Budhia joined Hunger Pangs as an independent director in July 2026. He is the cofounder and group CFO of BetterPlace. Before joining BetterPlace, he spent more than two years at Pepperfry. Over a career spanning 17 years, he has also worked with Barbeque Nation Hospitality, Jupiter Capital and Goldman Sachs.
Lavanya Nalli Ramanathan
Ramanathan joined Hunger Pangs as an independent director in September 2026. She has served as vice chairman of Nalli Silk Sarees since January 2016. Her previous experience includes roles at Myntra and McKinsey. She also serves on the boards of Nalli Silk Sarees and Etnische Fashions.
Pavitra Joshi Singh
Singh joined Hunger Pangs as an independent director in September 2026. She is the chief human resources officer and vice president for PepsiCo India and South Asia, where she has held various leadership roles over a 20-year career.
Vishnu Kumar Agarwal
Agarwal joined Burma Burma in 2014 and was elevated to CFO in 2026. His total compensation for FY26 stood at ₹58.5 Lakh.
Abhinav Agarwal
Agarwal was designated company secretary in May 2026 and compliance officer in September 2026. He joined Hunger Pangs in April 2026. Before this, he served as AVP of finance, strategy, legal and investor relations at BRISKPE. He has more than a decade of experience and has also worked with Vayana, theremin.ai and Pantomath Capital Advisors.
Ansab Ajaz Khan
Khan joined Burma Burma in 2014 and was appointed chief of kitchen operations in September 2026. He has previously worked with Mahindra Holidays and Resorts India and Mehul Restaurant and Bar. His total compensation for FY26 was ₹78 Lakh.
Mohan was appointed chief of restaurant operations in September 2026, after 12 years with Burma Burma. He previously worked with Indian Hotels Company Limited and Taj Lands End, Mumbai. His total compensation for FY26 was ₹59.4 Lakh.
Soman joined Hunger Pangs in November 2024 and was elevated to chief human resources officer in April 2026. She has more than 17 years of experience in human resources management. Her total compensation for FY26 stood at ₹43.4 Lakh.
Edited by Akshit Pushkarna
Creatives by Varshita Srivastava
Source: Inc42
