The Indian arm of US-based Burger King filed for a local initial public offering (IPO) to raise up to Rs 4 bn, as it looks to open more restaurants in a country where international fast-food brands are gaining in popularity.
Burger King India Ltd plans to have 325 stores by December 31, 2020, up from 202 as of June. McDonald’s had 470 at last count, according to data by consulting firm Technopak Advisors. In the year ended March 2019, Burger King India’s revenue from operations had risen 67% to 6.33 billion rupees ($89.4 million). Its loss narrowed to 382.8 million rupees in the same period from 822.3 million rupees a year earlier. “Burger King is going with a national franchise instead of regional ones, and that gives them more control and potentially better growth,” Technopak Chairman Arvind Singhal said.