Latest news with #Entrackr
NDTV
21-07-2025
- Business
- NDTV
"We're Flattered, But Not True": Burger Singh On Rs 47 Crore Fundraise Claim
Burger Singh, one of India's fastest-growing burger chains known for its affordable, desi-style burgers, has denied reports claiming it has raised Rs 47.15 crore in fresh funding. "We're flattered. Truly. But unfortunately, and quite factually, that's not true. Not yet, at least," the company said in a statement. The clarification, issued in a light-hearted tone, was in response to a report published by Entrackr on July 17, 2025. Explaining the current funding status, Burger Singh said, "The article relies on an MGT-14 filing with the Ministry of Corporate Affairs (MCA), a standard regulatory form that allows us to offer shares to potential investors. 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 Rs 2000 notes." The brand also used a cricket reference to clarify its position. "What's been interpreted as a celebratory financial five-wicket haul is, in reality, just a coin toss," it said, adding, "To use a cricket analogy, every Indian is still carrying the emotional baggage from that Lord's Test - this is like reporting that India had won the match right before Siraj took guard against Shoaib Bashir's second-last ball of the 75th over. Sometimes the ball trickles back and knocks off the bails. And so do your hopes. It was brutal. And just like that moment, calling a win too early only makes the heartbreak worse." Calling the report "premature and misleading", the company clarified, "Legally speaking, an MGT-14 is a pre-offer document, not a receipt. It's an invitation. 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." "If listing a share offer means we've raised the money, then by that logic, every bachelor on is already married. And I suppose I'm also the Maharaja of Jaipur just because I looked at a palace on Google Maps last week," said Kabir Jeet Singh, Founder and CEO of Burger Singh. The company also cautioned against drawing conclusions based solely on regulatory filings. "It's like reviewing a restaurant based solely on the smell wafting from the kitchen." On media outreach, Burger Singh added, "For the record, the journalist did reach out via WhatsApp. Unfortunately, Kabir receives more unknown-number WhatsApp (messages) 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. We'll announce the fundraise when it's real." Burger Singh opened its first outlet in Gurugram in 2014 and has since expanded rapidly, with over 175 outlets across more than 75 cities, including Delhi NCR, Mumbai, Pune, Kolkata, Shillong, Jaipur, Dehradun, Jammu, Nagpur, Ahmedabad, Chandigarh, Amritsar and others.
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Business Standard
21-07-2025
- Business
- Business Standard
Burger Singh denies ₹47 cr funding, says no money has hit the bank yet
Homegrown burger brand Burger Singh has issued a spicy clarification after reports surfaced claiming it had raised ₹47.15 crore in fresh funding. The twist? No money has hit the bank — yet. The report, published by Entrackr on July 17, interpreted a Ministry of Corporate Affairs (MCA) document — Form MGT-14 — as proof of the deal. But the burger brand says: cool your grills. 'This is not a cheque. It's a pitch,' the company clarified, adding that MGT-14 is just a regulatory form that allows a company to offer shares to investors — not confirmation that someone actually bought them. What did Burger Singh say? 'If listing a share offer meant we've raised the money,' said CEO Kabir Jeet Singh, 'then every bachelor on is married. And I guess I'm the Maharaja of Jaipur because I checked out a palace on Google Maps.' The company even likened the misunderstanding to the recent cricket heartbreak at Lord's Test where India lost to England in a thriller. 'It's like reporting an Indian Test win just before Siraj took guard against Shoaib Bashir's second-last ball. Sometimes the ball trickles back and knocks off the bails. So do your hopes.' 'MGT-14 is like putting your house on 99acres' The brand went on to explain that the filing simply shows an intent to raise funds — much like listing a house online doesn't mean it's sold. 'We're open for business. The investors still have to say yes, transfer the money, and sign on the dotted line.' The WhatsApp that never was As for whether the journalist reached out, the company claimed a WhatsApp message was sent but went unnoticed in a sea of unknown numbers. 'Kabir gets more random WhatsApps than a housing society aunty during Navratri,' they joked. No cash, just conversation Burger Singh says it's grateful for the enthusiasm, but calls the early reporting 'trigger-happy' and urges restraint until transactions are actually closed. So, is there ₹47 crore in Burger Singh's bank account? 'Not yet. But when it's real,' the brand promised. 'We'll be shouting it from the rooftops — with fries.'
Mint
20-07-2025
- Business
- Mint
'Still waiting for the money': Burger Singh shuts down ₹47 crore funding report with wit
Homegrown burger chain Burger Singh has issued a witty clarification, denying recent reports that it raised ₹ 47 crore in funding. The company responded to a story by startup news platform Entrackr, calling it premature, and explaining the confusion with a generous dose of humour. 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.'
Mint
20-07-2025
- Business
- Mint
'Still waiting for the money': Burger Singh shuts down ₹47 crore funding report with wit
Homegrown burger chain Burger Singh has issued a witty clarification, denying recent reports that it raised ₹ 47 crore in funding. The company responded to a story by startup news platform Entrackr, calling it premature, and explaining the confusion with a generous dose of humour. 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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Business Standard
18-06-2025
- Business
- Business Standard
Urban Company swings to profit ahead of planned IPO as revenue jumps 38%
Urban Company reported a 38 per cent rise in operating revenue to ₹1,144.5 crore for the financial year 2024-25 (FY25), as it gears up for a public offering. The Gurugram-based home services platform turned profitable during the year, posting a net profit of ₹240 crore, compared with a ₹93 crore loss in the previous financial year, according to its annual report released on Wednesday. Urban Company reported a sharp turnaround in its bottom line for FY25, aided by a ₹211 crore deferred tax credit. Even excluding the credit, the at-home services platform posted a pre-tax profit of ₹28.6 crore. This turnaround comes on the back of strong revenue growth and operational efficiency. 'Cash generated from operating activities was ₹54.6 crore,' said Urban Company CEO and Cofounder Abhirah Singh Bhal on X. Urban Company had reduced its losses by 40.1 per cent to ₹308 crore in FY23, whereas the figures stood at ₹514 crore in FY22, according to Entrackr. The company said it served 6.8 million transacting users over the past financial year and worked with an average of 48,000 active service partners each month. The platform reported that 82 per cent of its net transaction value came from repeat customers, reflecting high retention. Customer satisfaction remained strong, with an average rating of 4.81 out of 5. Service partners earned an average of ₹26,400 per month, up 16 per cent from the previous year, according to the company. Urban Company's operations now span 51 cities across India as well as international markets, such as the UAE and Singapore. Its overseas business generated ₹147 crore in revenue, an increase of nearly 64 per cent year-over-year. According to the Redseer Report, the home services sector in India had a total addressable market of $59.2 billion in 2024 calendar year (CY) and is projected to grow to $97.4 billion by CY29, at a CAGR of 10–11 per cent. The online full-stack platforms, delivering integrated, end to-end service experiences are projected to grow at a CAGR OF 20–22 per cent between CY24 and CY29. But the segment is still in the early stages of growth. In CY24, only 2 per cent of Indian households used online home services, compared to about 21 per cent in China and over 50 per cent in the US, according to the Redseer Report. 'We believe we have only scratched the surface and will look to drive sustained long-term growth,' said Urban Company co-founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra in the report. The firm recently reduced the size of its planned capital raise to ₹528 crore as it moves closer to its initial public offering, citing prevailing market conditions. The latest figure is a sharp cut from earlier plans to raise around ₹3,000 crore and marks a revision from its April draft prospectus, which proposed a ₹1,900 crore issue with ₹429 crore in fresh capital.
