Ashish Kacholia—the former co-founder of Hungama Digital—has acquired an 18% stake in burger chain Jumboking Foods Private Limited in a secondary transaction. The company did not reveal the size and valuation of the funding round.
The investment will enable the Mumbai-based quick service restaurant to expand to 1,000 stores sustainably, it said in a statement on Wednesday. It also aims to double its turnover over the next two years and consolidate further in Delhi and Hyderabad. It is all set to launch the Bengaluru market this year, it added.
Jumboking is India’s third-largest burger chain after McDonald’s and Burger King, with more than 170 stores in Mumbai, Delhi, Hyderabad and Pune. It offers a vegetarian menu comprising burgers, thick shakes, softy, and fries, gaining traction among college students and young working professionals.
In 2023, the company rolled out a loyalty programme called JK Burger Rewards to improve customer loyalty. It closed FY24 with a revenue of Rs 110 crore, it claimed.
Speaking about his investment, Kacholia said, “Jumboking is all about top-class execution and exceptional customer centricity. I’m excited to be on board India’s most promising QSR story.”
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“Ashish has always been known to be extremely astute in his picks and we are thrilled to welcome him on board. Jumboking is seven years old in the burger business. Our rebirth happened in 2017 when we repositioned to burgers. His investment is a huge validation, as we move towards our target of 1000 stores and more on the back of solid profitable growth,” Dheeraj Gupta, Founder of Jumboking, noted.
Exiting investor Pradyumna Dalmia of Triton Fund said, “We are proud to have been part of the Jumboking journey. I am sure that the incoming investors will get great returns as well.”
Edited by Kanishk Singh
