Quick-service burger chain Good Flippin’ Burgers has raised Rs 30 crore (approximately $3.6 million) in an extended Series A round from its existing investor Tanglin Venture Partners.
According to regulatory filings accessed from the RoC, the board at Good Flippin’ Burgers passed a special resolution to issue 34,366 Series A1 cumulative compulsory convertible preference shares at an issue price of Rs 8,739.56 each, raising Rs 30 crore.
This brings the total funding secured by the company to $8.6 million to date, which includes a $4 million Series A round led by Tanglin Venture Partners in June 2023.
TheKredible estimates that the company is now valued at around Rs 400 crore or $48 million post-money, representing a 3X growth in valuation compared to its last funding round.
Founded by Viren D’silva, Sijo Mathew, and Sid Marchant, Good Flippin’ Burgers currently operates 25 outlets across Mumbai, Delhi, Gurgaon, and Noida. The chain offers delivery services through its website as well as online aggregators like Zomato and Swiggy.
During FY23, the five-year-old company reported significant growth, with operating revenue surging 3.58X to Rs 32.53 crore. However, it posted a loss of Rs 3.91 crore in the fiscal year ending March 2023. The company has yet to disclose its FY24 financial numbers.
Good Flippin’ Burgers faces competition from other burger chains such as Burger Singh, Whataburger, and Biggies Burger. In September 2022, Biggies Burger secured Rs 5.5 crore in a seed round led by Indian Angel Network, while Burger Singh raised Rs 30 crore in a Series A round led by Negen Capital in July 2022.
