Homegrown burger chain Burger Singh has issued a witty clarification, denying recent media reports that claimed the company raised Rs 47 crore in a funding round.
“We're flattered. Truly. But unfortunately, and quite factually, that's not true. Not yet, at least," the company said in a statement.
Burger Singh set the record straight in a press release that stands out for its wit and humour in a world of dry business reporting.
The clarification, issued in a light-hearted tone, was in response to a report published by Entrackr on July 17.
The report had claimed that Burger Singh had secured Rs 47.15 crore in a new funding round co-led by Negen Value Fund and Nine Rivers Capital, with participation from Rhodium Trust and 19 other investors.
‘Not lighting Cigars with Rs 2000 notes just yet’
Explaining the current funding status, Burger Singh said, “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. It does not mean the house is sold, the money is in the bank, and we're lighting cigars with Rs 2000 notes.”
To drive home the point, the company used a cricket analogy for Indian fans. “To use a cricket analogy, every Indian is still carrying the emotional baggage from that Lord’s Test. This is like reporting that India had won the match right before Siraj took guard against Shoaib Bashir’s second-last ball of the 75th over,” it said. “Sometimes the ball trickles back and knocks off the bails. And so do your hopes. It was brutal. And just like that moment, calling a win too early only makes the heartbreak worse."
“Legally speaking, an MGT-14 is a pre-offer document, not a receipt,” the statement added. “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.”
Continuing in its trademark humorous tone, the company said, "If listing a share offer means we've raised the money, then by that logic, every bachelor on Shaadi.com is already married. And I suppose I'm also the Maharaja of Jaipur just because I looked at a palace on Google Maps last week," said Kabir Jeet Singh, Founder and CEO of Burger Singh.
‘Jumping the gun’
The company called the report a case of “jumping the gun” without confirming actual transactions, likening it to “reviewing a restaurant based solely on the smell wafting from the kitchen”.
While Entrackr did reach out to CEO Kabir Jeet Singh for comment, Burger Singh addressed that too. “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.”
“We’ll announce the fundraise when it’s real,” the statement concluded.
Burger Singh opened its first outlet in Gurugram in 2014 and has since expanded rapidly, with over 175 outlets across more than 75 cities including Delhi NCR, Mumbai, Pune, Kolkata, Shillong, Jaipur, Dehradun, Jammu, Nagpur, Ahmedabad, Chandigarh and Amritsar.
