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Homegrown quick service restaurant chain Burger Singh is raising Rs 47.15 crore (around $5.5 million) in a fresh round co-led by Negen Value Fund and Nine Rivers Capital. Rhodium Trust will also participate alongside 19 other investors.
As per regulatory filings accessed via the Registrar of Companies (RoC), the board approved a special resolution to issue 4,994 compulsory cumulative preference shares at an issue price of Rs 94,430 each to raise the funds.
Negen Value Fund and Nine Rivers Capital will contribute Rs 12 crore each, while Rhodium Trust will invest Rs 8.5 crore. Turner Morrison and Thapar Family Trust will pump in with Rs 3.5 crore and Rs 2 crore, respectively. The round also saw participation from individual investors, including Vikas Kapur, Nomita Kapur, Sarfaraz Singh, and Rohit Khattar.
The company plans to deploy the capital towards operations, capex, expansion, and general corporate purposes, according to the filings. As per Entrackr’s estimates, Burger Singh will be valued at around Rs 458 crore ($54 million) post-money. The company may raise additional capital in this round, and the valuation will vary accordingly.
Responding to Entrackr, Burger Singh’s founder dismissed reports of a new fundraise and shared the following statement:
Burger Singh runs a hybrid model with both company-owned and franchise-led outlets, serving a range of burgers, momos, fries, beverages, and desserts. The chain currently has over 175 outlets across 75 cities and aims to scale its footprint to more than 1,000 outlets by 2026.
The company has yet to file its FY25 numbers. During the fiscal year ended March 2024, its revenue from operations grew 34% year-on-year to Rs 77.7 crore, up from Rs 57.8 crore in FY23. Burger Singh reported a net loss of Rs 27.91 crore during FY24.
It competes with both global and local chain QSR (quick service restaurants) such as McDonald’s, Burger King, Wendy’s, Jumboking, Wat-a-Burger, Burgernama, and several others.
Update at 3:10 PM, July 18: The headline and story have been updated to reflect that the company is raising funds (not has raised) in a new round. The company's official statement has also been included in the story.