- November 12, 2019 / 4 min readRecently, the US-based fast food chain has filed for an Initial Public Offering (IPO) in the Indian market.
Burger King is planning to double the number of stores in India by the end of next year with the funds from IPO. Recently, the US-based fast food chain has filed for an Initial Public Offering (IPO) in the Indian market.
A Marketing Executive of Burger King said, “We are looking for aggressive expansion. The brand has received a good response, and with the IPO, we are looking to double our stores by the end of next year.”
Burger King India has filed for an IPO to raise at least Rs 400 crore. Of these, the brand is looking to use Rs 290 crore to launch new restaurants.
Burger King’s first restaurant in India was opened in 2014. It competes with market leaders like McDonald’s and KFC. Currently, the burger chain has 216 company-owned and eight sub-franchised restaurants across 47 cities including Delhi-NCR, Mumbai, Pune, Chennai, Hyderabad, Bengaluru, Chandigarh, Ludhiana, Amritsar and Kochi.
The company targets to introduce restaurants in new areas, but has ruled out the regional franchise model.
Burger King said in its draft prospectus, “We also intend to open restaurants in new areas and markets where we believe there is a strong potential for growth, in addition to taking advantage of the growing online delivery market, including through engagement with delivery aggregators.”
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