INTERNATIONAL - The Indian arm of US-based Burger King filed for a local initial public offering (IPO) to raise up to 4 billion rupees ($56.6 million) on Monday, as it looks to open more restaurants in a country where international fast-food brands are gaining in popularity.
The Whopper Burger maker, which launched its first restaurant in India in 2014, competes directly with market leader McDonald’s Corp and other restaurant chains such as Domino’s Pizza.
Burger King India Ltd plans to have 325 stores by December 31, 2020, up from 202 as of June. McDonald’s had 470 at last count, according to data by consulting firm Technopak Advisors.
In the year ended March 2019, Burger King India’s revenue from operations had risen 67 percent to 6.33 billion rupees ($89.4 million).
Its loss narrowed to 382.8 million rupees in the same period from 822.3 million rupees a year earlier.