Investor Ashish Kacholia’s Lucky Securities has acquired a 17.2% stake in Jumboking Foods, a leading Indian quick-service restaurant (QSR) chain, CNBCTV18 has reported.

Jumboking Foods, known for its vegetarian menu, is set to expand its presence to reach 1,000 stores.

The Mumbai-based company, currently the third-largest burger chain in India, announced the growth plan following the investment.

The financial details of the transaction were not disclosed, but the move comes as part of a secondary transaction after the Triton Fund’s exit in 2018.

The investment facilitates a sustainable expansion strategy for Jumboking Foods. The company aims to double its turnover by 2026 and strengthen its market position in Delhi and Hyderabad.

Jumboking is also preparing to enter the Bengaluru market within the year, reported

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Founded on 23 August 2001 by Dheeraj Gupta and Reeta Gupta, Jumboking has established a strong foothold in the Indian market. With more than 170 stores across Mumbai, Delhi, Hyderabad and Pune, the brand has become well-known among college students and young professionals for its vegetarian offerings, which include burgers, thick shakes, soft-serve ice cream and fries.

In a bid to enhance customer engagement, Jumboking launched the JK Burger Rewards loyalty programme in 2023. The company has reported a revenue of Rs1.1bn ($13m) for the financial year 2024 (FY24).

Ashish Kacholia, co-founder of Hungama Digital, was quoted by CNBCTV18 as stating, “Jumboking represents a promising opportunity in the QSR segment with its commitment to excellence and customer satisfaction.”

 Market experts have estimated the value of the transaction to be between Rs700m and Rs800m, which suggests a valuation for Jumboking in the range of Rs4bn to Rs5bn.