Vegorama Punjabi Angithi Ltd IPO is an upcoming BSE SME offering from one of Delhi NCR's fastest-growing vegetarian quick-service restaurant (QSR) chains. Backed by the well-known "Punjabi Angithi" brand, the company is raising funds to accelerate its cloud kitchen expansion and restaurant network across India. This blog covers everything you need to know — company background, IPO details, financials, strengths, and key risks.
IPO Details at a Glance
DetailInformationIssue Size₹38.38 CroreIssue TypeBook Built Issue (Fresh Issue + OFS)Fresh Issue₹30.70 Crore (39.87 lakh shares)Offer for Sale (OFS)₹7.68 Crore (9.96 lakh shares)Price Band₹73 – ₹77 per shareFace Value₹10 per shareLot Size1,600 sharesMinimum Investment (Retail)₹2,46,400 (3,200 shares / 2 lots)Minimum Investment (HNI)₹3,69,600 (4,800 shares / 3 lots)Total Shares Offered49,84,000 equity sharesListing PlatformBSE SMETentative Listing DateMay 27, 2026Allotment DateMay 25, 2026RegistrarBigshare Services Pvt. Ltd.Lead Manager (BRLM)Corporate Makers Capital Ltd.Market MakerPace Stock Broking Services Pvt. Ltd.DRHP FiledJune 18, 2025PromoterMr. Deepak Chadha (CMD) About Vegorama Punjabi Angithi Ltd
Founded in 2014, Vegorama Punjabi Angithi Limited started as a single cloud kitchen and takeaway outlet and has since transformed into a full-scale, multi-format vegetarian food services company. Operating under the flagship brand "Punjabi Angithi", the company serves affordable, high-quality North Indian and Punjabi cuisine to a broad customer base across urban and semi-urban markets.
The company's culinary portfolio extends beyond just Punjabi food — it also offers Indo-Chinese, tandoori, and regional Indian dishes through a family of in-house brands: Punjabi Angithi, Chinese Veg Crunch, Dilli Tawa Parantha, Food of Dreams, and Swaad of Punjab. This multi-brand strategy allows the company to serve diverse taste preferences while sharing kitchen infrastructure, thereby keeping operating costs low.
As of March 2026, Vegorama Punjabi Angithi operates 27 cloud kitchens and 2 fine-dining restaurants spread across Delhi NCR and Dehradun. The cloud kitchens range from 400 to 870 square feet, while the fine-dining restaurant spans approximately 2,397 square feet. The company is supported by a dedicated workforce of 306 employees.
One of the company's biggest differentiators is its digital-first business model. More than 91% of FY2025 revenue was generated through online food delivery platforms, primarily Swiggy and Zomato. This model allows the company to scale rapidly with relatively lower infrastructure investment compared to traditional dine-in restaurant chains. In addition to delivery, the company also offers corporate meal services, outdoor catering, and dine-in experiences.
The company was incorporated as a private limited entity and later converted to a public limited company ahead of this IPO. Its registered office is at B-376, Third Floor, Meera Bagh, Outer Ring Road, Paschim Vihar, New Delhi – 110063.
Business Model — How Vegorama Punjabi Angithi Makes Money
The company operates through four key revenue channels:
- Cloud Kitchen Delivery: The primary revenue stream. Orders are placed through Swiggy, Zomato, and the company's own channels. Cloud kitchens require minimal capex and allow rapid geographic expansion.
- Dine-in Restaurants: The company runs two fine-dining Punjabi Angithi restaurants offering a full sit-down dining experience with a curated North Indian vegetarian menu.
- Corporate Catering: The company supplies freshly prepared meals to corporates and institutions, offering a consistent bulk-order revenue stream.
- Outdoor Catering & Events: Vegorama also undertakes private event catering including weddings, parties, and corporate events, adding a seasonal but high-value revenue stream.
Financial Performance
ParticularsFY 2023-24FY 2024-25GrowthRevenue₹6.64 Crore₹10.21 Crore~54% YoYProfit After Tax (PAT)₹4.64 Crore₹8.22 Crore~77% YoY The company has demonstrated impressive year-on-year revenue and profit growth. The significant PAT growth of ~77% in FY2025 reflects strong operating leverage in the cloud kitchen model — as revenue grows, profitability scales rapidly because fixed costs remain relatively stable. The company also reports a high brand repeat purchase rate of 63%, indicating strong customer loyalty driven by consistent food quality and brand trust.
Objects of the Issue — Where Will the IPO Money Go?
- Construction and setup of new restaurants and banquet halls
- Expansion of cloud kitchen network and centralized kitchen infrastructure
- Setting up new fine-dining and banquet restaurant formats
- Funding working capital requirements
- General corporate purposes
Promoter Details
Mr. Deepak Chadha is the Chairman and Managing Director of Vegorama Punjabi Angithi Ltd. Before the IPO, the promoter held 94.44% stake and the promoter group collectively held 99.40% stake. Post-IPO, the promoter shareholding will be diluted due to the OFS component (9.96 lakh shares being sold by existing shareholders).
Key Strengths
- Established Brand: "Punjabi Angithi" enjoys strong brand recognition in Delhi NCR with a loyal customer base and 63% repeat purchase rate.
- Asset-Light Model: Cloud kitchen-led expansion allows growth at lower capital and rental costs compared to traditional restaurants.
- Digital-First Revenue: Over 91% revenue from online platforms — highly scalable with rising smartphone and internet penetration.
- Multi-Brand Portfolio: Five distinct food brands under one roof reduce customer churn and tap into diverse taste preferences.
- Strong Financials: Revenue grew ~54% and PAT grew ~77% in FY2025, demonstrating excellent operating leverage.
- Experienced Management: Promoter and management team have over a decade of experience in North India's food services sector.
Risk Factors — Things to Consider Before Applying
- Aggregator Dependency: Over 91% revenue comes from Swiggy and Zomato. Any change in platform policies, commissions, or delisting could significantly impact revenue.
- Geographic Concentration: Majority of operations are limited to Delhi NCR. Any slowdown in that region could impact overall business.
- Highly Competitive Market: The QSR and cloud kitchen space is extremely competitive, with major players like Zomato's own brands, Rebel Foods (Faasos, Behrouz), and numerous regional competitors.
- OFS Component: Part of the IPO (₹7.68 Cr) is an offer for sale, meaning some proceeds go to existing shareholders rather than the company.
- SME Platform Risk: BSE SME listings typically have lower trading volumes and liquidity compared to mainboard listings.
Issue Allocation Structure
Investor CategoryShares AllocatedPercentageQIB (Qualified Institutional Buyers)23,64,800 shares~50%NII / HNI7,10,400 shares~15%Retail Individual Investors (RII)16,57,600 shares~35%Market Maker Portion2,51,200 sharesFirm Allotment How to Apply for Vegorama Punjabi Angithi IPO
Investors can apply for this IPO through the following methods:
- ASBA (Application Supported by Blocked Amount): Apply through your bank's net banking portal. Funds remain blocked in your account and are only debited upon allotment.
- UPI-Based Application: Apply through registered stock brokers (Zerodha, Upstox, 5Paisa, Angel One, etc.) using your UPI ID. You will receive a mandate request to block funds in your UPI app.
- Offline Application: Submit a physical application form through your registered stock broker.
Key IPO Dates
EventDateAllotment FinalisationMay 25, 2026Refund InitiationMay 26, 2026Demat Credit of SharesMay 26, 2026Tentative Listing DateMay 27, 2026 Allotment Status Check: You can check your allotment status on the Bigshare Services website at ipo.bigshareonline.com using your PAN number or Application Number.
Disclaimer: This blog is purely for informational and educational purposes and does not constitute investment advice. SME IPOs carry higher risk and lower liquidity compared to mainboard IPOs. Please read the Red Herring Prospectus (RHP) carefully and consult a SEBI-registered financial advisor before making any investment decision. Past financial performance is not a guarantee of future results.