Ashish Kacholia Grabs Major Stake In This Vegetarian Burger Chain
Ace investor Ashish Kacholia has acquired a 17.2% stake in Jumboking, the largest indigenous burger chain in India.
What Happened: With this investment, Kacholia became the second-largest shareholder in the company. The investment, made through a secondary market transaction following the exit of Triton Fund, is reported to be between ₹70 crore and ₹80 crore at a valuation of ₹400–500 crore, an ET report stated.
The deal was confirmed by the veteran investor himself of social media platform X. “Hope traveling public at metro stations continue biting into JumboKing burgers”, he wrote in a tweet
Jumboking achieved sales of ₹110 crores in the last fiscal year through its network of 170 stores across Mumbai, Delhi, Hyderabad, and Pune. Despite its humble beginnings in 2001 selling vada pav the company underwent a strategic shift in 2017 to focus on burgers, aiming to expand its presence to 1,000 stores by 2030. Jumboking is India’s third-largest burger chain, trailing behind industry giants McDonald’s and Burger King.
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