Indian burger chain Burger Singh clarifies funding raise report
The brand called it misleading.
Indian fast food burger chain Burger Singh clarified that it has not yet raised $5.47m (₹471m), contrary to a recent news report.
On 17 June, the online website Entrackr published a report that said Burger Singh engaged in a fresh funding round co-led by Negen Value Fund and Nine Rivers Capital, with Rhodium Trust participating along with 19 other investors.
“What’s been interpreted as a celebratory financial five-wicket haul is, in reality, just a coin toss. 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,” Burger Singh said in a press release.
The brand explained that, legally speaking, an MGT-14 is a pre-offer document, not a receipt.
“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,” the brand said.
“For the record, the journalist did reach out via WhatsApp. Unfortunately, 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,” the brand added.
