Startup funding in India continues to flow toward the public markets: Hunger Pangs, the company operating Burma Burma Restaurant & Tea Room, has filed draft IPO papers (DRHP) with SEBI, StartupFeed reported on October 18, 2026.
The offer's shape
The proposed offer includes a fresh issue of up to ₹150 crore and an offer for sale of up to 2.79 crore shares by existing shareholders. The company plans to use the fresh-issue proceeds mainly to open new restaurants and for general corporate purposes.
The numbers
Hunger Pangs reported FY26 operating revenue of ₹155.50 crore, up 46.56% year-on-year — a growth rate that puts a niche restaurant brand in IPO territory. Burma Burma's format — premium Burmese cuisine in India's metros — has been one of the country's standout restaurant success stories of the decade, expanding city by city rather than through aggressive discounting.
The filing lands in the middle of an extraordinary IPO season: October 2026 has already seen filings and issues from Jio Platforms, Zetwerk, Tonbo Imaging, Sahajanand Medical and Fusion CX, among others.
Why it matters for founders
Hunger Pangs' DRHP is a case study for D2C and consumer founders: ₹155.5 crore of revenue, 46.6% growth, and a path to listing without venture-funded blitzscaling. For premium consumer brands, disciplined unit economics can now command public-market attention — the IPO route is not reserved for tech unicorns.