Good Flippin’ Burgers Secures $3.6 Million in Extended Series A Round

Quick service burger chain Good Flippin’ Burgers has received a fresh injection of capital, raising Rs 30 crore (approximately $3.6 million) in an extended Series A funding round. This investment comes from their existing partner, Tanglin Venture Partners.

Details of the Funding

Good Flippin’ Burgers’ board approved the issuance of 34,366 Series A1 cumulative compulsory convertible preference shares at an issue price of Rs 8739.56 each. Through this calculated strategy, the firm has raised $8.6 million in total funding, including a $4 million Series A investment sponsored by Tanglin Venture Partners in June 2023.

Valuation Soars

Market intelligence platform TheKredible estimates Good Flippin’ Burgers’ post-money valuation to be around Rs 400 crore or $48 million. This signifies a remarkable 3X increase compared to their previous funding round, highlighting investor confidence in the company’s growth potential.

Growth Trajectory and Expansion Plans

Founded in 2018 by Viren D’silva, Sijo Mathew, and Sid Marchant, Good Flippin’ Burgers boasts a network of 25 outlets spread across Mumbai, Delhi, Gurgaon, and Noida. Their delivery services extend beyond their website, partnering with online aggregators like Zomato and Swiggy to offer wider customer reach.

Financial Performance

Despite a reported Rs 3.91 crore loss in FY23, Good Flippin’ Burgers has demonstrated impressive growth. Their operating revenue surged by a significant 3.58 times to Rs 32.53 crore during the same fiscal year. The company’s financial performance for FY24 remains undisclosed.

Competitive Landscape

Good Flippin’ Burgers competes in a dynamic market alongside other burger chains like Burger Singh, Whataburger, and Biggies Burger. Notably, Biggies Burger secured Rs 5.5 crore in a seed round led by Indian Angel Network in September 2022. Similarly, Burger Singh raised Rs 30 crore in a Series A round led by Negen Capital in July 2022.