Jumboking’s Big Bite: IPO by 2031 on the menu; Founder Dheeraj Gupta sets table for global Veg Burger push

Founded as a modernised vada pav brand, Jumboking Foods Pvt Ltd has evolved into India’s largest vegetarian burger chain and the country’s third-largest burger player overall after McDonald's and Burger King. The 100% franchised, asset-light company operates over 185 stores across Mumbai, Delhi and Hyderabad, and is the largest QSR operator in the Mumbai and Hyderabad metros.

In April 2024, the company raised a secondary investment round from investor Ashish Kacholia, valuing the business at ₹500 crore. Industry reports suggest the company clocked 50% year-on-year growth in FY23, significantly outpacing international QSR chains that grew between 5% and 17%.

In an interview to Mint, Founder and Managing Director Dheeraj Gupta spoke about the brand’s transition, international expansion plans and IPO roadmap.

Here are edited excerpts:

Q. Jumbo King began as a modernised vada pav concept. When you shifted to a scalable burger QSR model, how did the key metrics change, including the same-store sales growth, average ticket size, gross margins and store-level EBITDA?

A. The move by brand Jumboking from the ‘vadapav’ to the ‘burger’ category had several distinct advantages. Burgers are perceived as more aspirational, and customers, especially the younger generation, are willing to pay more for them. This allowed us to up our profile through superior products, higher-quality ingredients, sourcing from world-class manufacturing facilities, more aesthetically designed stores and several other such advantages.

The shift in customer profile also increased spending per head, boosting sales per store on products with higher margins, resulting in better EBITDA for our franchisees.

Additionally, with the more aspirational product profile, the consumer expectations changed. They were expecting world-class burgers, strong Indian flavour profiles, world-class store experiences, and great service to back it up.

Margins improved because, from being the “most expensive vadapav” in the city, we became the “most value for money burgers” in the city. This gave us leeway to introduce better products and charge accordingly, while still being very value-for-money for our customers.

Q. What was the strategic thinking behind choosing Dubai as your first international market? What did that market teach you about taking an Indian brand global?

A. Very interesting question, why did we choose Dubai? Dubai is a truly international destination where people from all nationalities can be found at all times. We feel that getting Dubai right will teach us and prepare us for the world.

We are a vegetarian brand, hence cracking a largely meat-eating population will help us gauge the market potential of a 100% vegetarian/Vegan burger brand. Also, Dubai is reasonably close, so supply chain efficiencies are better than in markets further away.

Q. How do you position Jumbo King against international players like McDonald’s and Burger King, especially while staying vegetarian?

A. We feel there is a large market for a niche Vegetarian burger. We have sufficient validation for this in the Mumbai and Delhi markets, and we are now expanding this proposition into other parts of the country.

In ongoing feedback surveys, our customers say that when they are looking for vegetarian burgers, Jumboking is their go-to brand.

Q. How do you balance rapid franchise growth with quality control and brand consistency?

A. We have multiple mechanisms in place. A very strong coaching and training team. Our digital asset, the JK University, uses Artificial Intelligence (AI) to help us achieve standardisation at scale. Lastly, a strong audit team ensures that franchisees uphold the brand promise at all times.

Q. How have customer preferences evolved in recent years — especially with the rise of delivery apps, health consciousness, and premiumisation?

A. Delivery apps have expanded the food market, providing convenience for customers and giving us another major sales channel that was largely missing. I think more than health consciousness, Indians are becoming ‘hygiene conscious’.

Premiumisation is a great thing, and as we Indians grow with higher per capita income, it is only good news for the entire economy.

Q. What was the toughest phase in your journey, and what mistake taught you the most about building a food business?

A. One of the biggest lessons I learned was the importance of being bold and moving quickly — hesitation can cost valuable opportunities in a fast-evolving market. Equally important is listening closely to customers, as they often signal where demand and the market are headed. Finally, building a strong, capable team is essential. No founder can scale a food business alone.

Q. Do you have any plans to make Jumbo King a publicly listed company? Can you share any timeline for that?

A. Yes, we do have plans to take Jumbo King public. Our target is to go for an initial public offering (IPO) on or before April 2031.

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