Good Flippin’ Burgers, a popular quick-service burger chain, has raised Rs 30 crore (approximately $3.6 million) in an extended Series A round. The investment comes from Tanglin Venture Partners, the company’s existing backer.
According to regulatory filings accessed from the RoC (Registrar of Companies), the board of Good Flippin’ Burgers passed a special resolution to issue 34,366 Series A1 cumulative compulsory convertible preference shares at an issue price of Rs 8739.56 each. This move enabled the company to secure the desired funding.
This recent capital infusion brings the investment in Good Flippin’ Burgers to $8.6 million, including a $4 million Series A round led by Tanglin Venture Partners in June 2023.
Founded by Viren D’silva, Sijo Mathew, and Sid Marchant, Good Flippin’ Burgers operates 25 outlets across key locations such as Mumbai, Delhi, Gurgaon, and Noida. The chain offers delivery services through various channels, including its website and popular online aggregators like Zomato and Swiggy.
Despite competition from established players such as Burger Singh, Whataburger, and Biggies Burger, Good Flippin’ Burgers has demonstrated remarkable growth. In the fiscal year ending March 2023, the company reported a significant spike in operating revenue, reaching Rs 32.53, marking a 3.58X increase. However, it also posted a loss of Rs 3.91 crore for the same period.
Good Flippin’ Burgers has not disclosed its financial performance for the fiscal year ending March 2024.
In the broader industry context, competitors like Biggies Burger and Burger Singh have also made significant strides in securing funding. Biggies Burger secured Rs 5.5 crore in a seed round led by Indian Angel Network in September 2022, while Burger Singh raised Rs 30 crore in a Series A round led by Negen Capital in July 2022.
