Good Flippin’ Burgers, a fast-growing burger chain, recorded a significant revenue surge of 94.9% in FY24, reaching Rs 63.58 crore, compared to Rs 32.62 crore in FY23. However, despite the impressive growth, the company’s losses widened to Rs 8.44 crore in FY24 from Rs 3.92 crore in FY23.
Over 97% of its revenue came from operations in FY24, down from over 99% in FY23. Over 93% of its operating revenue came from the sale of food, over 3% from the sale of beverages, and over 3.5% from packaging charges.
Founded in 2019 and headquartered in Mumbai, the brand has rapidly expanded its presence, currently operating 58 outlets across Mumbai, Delhi NCR, Pune, Bangalore, and Hyderabad. With 26 stores in Mumbai alone, the brand has gained a strong foothold in the premium burger segment, focusing on fresh, high-quality, and affordably priced offerings delivered straight to customers’ doorsteps.
The brand is led by co-founders Sid Marchant, Viren Dsilva, and Sijo Mathew, who have steered its rapid growth. Good Flippin’ Burgers has raised a total of Rs 70.47 crore across three funding rounds, with its most recent Series A funding secured in April 2024. Shareholding is distributed among key stakeholders, including Viren D’Silva (19.67%), Siddhartha Marchant (11.79%), Sijo Mathews (8.81%), ESOP (4.63%), Kadar Makani (2.80%), and Amol Palkar (1.12%).
The company’s total expenses surged by 96.5% to Rs 71.81 crore in FY24, compared to Rs 36.53 crore in FY23. The key cost drivers included material costs (49.26% of total expenses), employee benefits (20.12%), and advertising expenses (10.11%), reflecting increased brand-building efforts. Other expenses accounted for 15.54%, while depreciation and finance costs remained relatively low at 0.87% and 0.11%, respectively.
Despite the revenue growth, profitability remains a challenge, with the EBITDA margin declining from -10.64% in FY23 to -11.82% in FY24. However, the company showed signs of improving capital efficiency, as its ROCE improved significantly from -74.33% in FY23 to -14.65% in FY24.
With continued expansion and brand-building efforts, Good Flippin’ Burgers is positioning itself as a major player in India’s premium burger QSR space.