- ByStartupStory | April 3, 2024
Ashish Kacholia, former co-founder of Hungama Digital, has secured an 18% stake in Jumboking Foods Private Limited through his investment vehicle, Lucky Securities. The acquisition, executed through a secondary transaction, marks a pivotal moment for Jumboking as it embarks on an ambitious expansion journey.
While the financial specifics of the transaction remain undisclosed, the infusion of funds is poised to fuel Jumboking’s strategic growth plans. The Mumbai-based burger chain expressed its commitment to utilizing the investment to expand its footprint sustainably, with aspirations to reach a milestone of 1,000 stores. Additionally, the company aims to double its turnover over the next two years, alongside a concentrated effort to strengthen its presence in Delhi and Hyderabad, while also making strides into the Bengaluru market later this year.
Jumboking, currently positioned as India’s third-largest burger chain, stands out in the competitive QSR landscape with its vegetarian-centric menu comprising a variety of burgers, thick shakes, softies, and fries. Boasting over 170 stores across Mumbai, Delhi, Hyderabad, and Pune, the brand has garnered significant attention, particularly among college students and young professionals.
In a statement issued on Wednesday, Ashish Kacholia shared his enthusiasm about the partnership, stating, “Jumboking is all about top-class execution and exceptional customer centricity. I’m excited to be on board India’s most promising QSR story.”
Founder of Jumboking, Dheeraj Gupta, expressed his delight at having Ashish Kacholia join the company, remarking, “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.”
Reflecting on the journey thus far, exiting investor Pradyumna Dalmia of Triton Fund remarked, “We are proud to have been part of the Jumboking journey. I am sure that the incoming investors will get great returns as well.”
With a reported revenue of Rs 110 crore for the fiscal year 2023-24, Jumboking is poised to leverage this strategic partnership to further solidify its market presence and capitalize on the burgeoning demand for quality fast-food offerings across India.
