'Still waiting for the money': Burger Singh shuts down ₹47 crore funding report with wit
The July 17 report had claimed that Burger Singh had secured ₹ 47.15 crore in a new funding round co-led by Negen Value Fund and Nine Rivers Capital, with participation from Rhodium Trust and 19 other investors. But in a statement shared with the press, Burger Singh said- Not yet.
'We'd like to clarify some excitement stirred up by an 'exclusive' report… claiming Burger Singh has successfully raised ₹ 47.15 crore in a fresh funding round,' the company said. 'We're flattered. Truly. But unfortunately, and quite factually, that's not true. Not yet, at least.'
The confusion, according to Burger Singh, stems from a misreading of a Ministry of Corporate Affairs (MCA) filing, specifically, an MGT-14 form. The company clarified that this is simply a regulatory step that indicates the possibility of a share offering, not confirmation that funds have been received.
To explain further, the company offered a quirky real-estate analogy: 'It's the corporate equivalent of listing your house on 99acres. It simply means: we're open for business. It does not mean the house is sold, the money is in the bank, and we're lighting cigars with ₹ 2000 notes.'
Burger Singh also dropped a cricket analogy for good measure, referencing India's heartbreaking Lord's Test loss: 'This is like reporting that India had won the match right before Siraj took guard against Shoaib Bashir's second-last ball… Sometimes the ball trickles back and knocks off the bails. And so do your hopes.'
'Legally speaking, an MGT-14 is a pre-offer document, not a receipt,' the statement added. 'The investors still have to say yes, transfer the funds, and sign on the dotted line. None of that has happened yet. So any report implying otherwise is premature — and frankly, misleading.'
While Entrackr did reach out to CEO Kabir Jeet Singh for comment, Burger Singh addressed that too, in trademark style. 'Kabir receives more unknown-number WhatsApps than a housing society aunty gets forwarded videos during Navratri. If he stopped to reply to all of them, that's all he'd be doing all day.'
Ending on a cheeky note, the burger chain said: 'It's like reviewing a restaurant based solely on the smell wafting from the kitchen. We'll announce the fundraiser when it's real.'
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