Burger chain Burgerama has secured pre-Series A funding led by early-stage venture capital fund Madison Capital.
Anicut Angel Fund, the angel investment platform of Chennai-based asset management firm Anicut Capital, has also contributed, Burgerama said in a statement. It didn’t disclose the amount it raised.
The startup will use the capital to expand its presence across the national capital region and hire more professionals.
The QSR chain, operated by Junket Foods Pvt. Ltd, has two outlets in Delhi and Gurugram. It is set to launch its third outlet in the Vasant Kunj area of south Delhi.
Rishab Malik, co-founder of Madison Capital, said Burgerama would launch new product lines and grow its business in coming years. Malik had previously co-founded vehicle marketplace Droom.
Burgerama was launched in May 2018 by Kabir Bose, Viraaj Badhwar and Vivek Prakash. While Bose earlier worked with Raymond Ltd and Reliance Brands Ltd, Badhwar was previously associated with ASK Group and E&Y. Prakash worked with Wingreens Farms in the past.
The quick-service restaurant industry has recorded only a handful of deals in the recent past. With the QSR industry, the burger segment is dominated by the likes of multinational chains McDonald’s, KFC and Burger King.
Earlier this week, VCCircle reported that Burger King India had raised fresh private equity capital after its proposed initial public offering got delayed due to the COVID-19 pandemic.
In December 2019, Gurgaon-based Burger Singh raised an undisclosed amount of funding led by Singapore-based early-stage investment firm RB Investments.