India is an underpenetrated market for chain QSRs, with only 15 chain QSRs per million residents, as compared to 158 and 725 in China and the US respectively. The chain QSR market is expected to grow at a 23% CAGR till FY2025. Burger King India is one of the fastest-growing QSR brands to reach 200 restaurants among international QSR brands in India during the first 5 years of its operations, and currently operates 268 restaurants in 17 states across the country. The brand is specifically targeted and positioned at the large millennial population in India (~34% of the total population as of FY19), through its innovative marketing and advertising campaigns, since the trend of eating-out and ordering-in is particularly strong in this age group. The Company raised ~92Cr as pre-IPO placement from Amanda Investments Limited, a reputed institutional investor, in November 2020 Burger King India has created a wide menu specifically tailored for Indian tastes and preferences, and which offers extensive vegetarian options. The restaurants also separate the cooking and preparation of different types of meals in their kitchens, in order to build trust with their customers. The Company benefits from its international parentage by having globally accepted and technology-driven processes for restaurant development, supply chain management, food preparation, and quality control. The Company has also developed its own app for delivery, contact-less ordering, and electronic billing.
The Company is led by highly experienced professional management. The CEO, Rajeev Varman, has worked with Burger King Corporation at various high-level positions in the US, Canada, and Europe. The other senior management members have significant experience in the food & beverages industry, including Natures Basket, Kellogg, Tata Starbucks, and Yum! Restaurants. The IPO is a combination of a fresh issue and offers for sale. The Company intends to use the fresh proceeds from the pre-IPO placement and the fresh issue to further ramp up its restaurant network and intends to open and develop 700 restaurants by December 2026, thus increasing the restaurant footprint by more than 160% in the next 6 years.