Mumbai-based The Croffle Guys has raised Rs 14 crore in a funding round led by V3 Ventures, with N.A.N Partners also taking part. The round values the quick-service restaurant brand at Rs 100 crore after the money comes in.
The company plans to use the fresh capital to add more than 40 outlets, mainly in Mumbai and Delhi, with a selective presence in Pune. That expansion would take the brand from eight outlets today toward a network of 50 stores and beyond.
What a croffle is and why it caught on
A croffle is croissant dough pressed in a waffle iron, giving it a flaky inside and a crisp outside. The Croffle Guys sells sweet and savoury versions, along with coffee and other drinks, and the format works as an all-day snack rather than only as dessert.
The idea came from a trip to Thailand in 2025, where the four founders came across a street vendor making croffles. The first outlet opened in Santacruz in Mumbai on 18 May 2025, and the brand has since grown to eight outlets in about a year.
Four founders with four different backgrounds
The brand was founded in 2025 by four friends. Rahul Vohra studied economics at New York University and spent nearly a decade in the film industry. Annanya Agarwal studied economics at Emory University and previously worked as a consultant at Boston Consulting Group.
Amay Thakkar studied industrial engineering at the University of Illinois Urbana-Champaign and brings an analytical approach to operations and store execution. Veer Pinto worked in filmmaking at Dharma Productions and focuses on product development, flavours and quality.
From two stores to a Rs 24 crore run rate
The company says it has grown from two outlets to eight in barely a year, with an annualised revenue run rate of Rs 24 crore. Monthly revenue stands at about Rs 2 crore, and the target is Rs 8 crore a month as the new outlets open.
Revenue has grown nearly threefold over the past six months. Sweet croffles account for about half of sales, savoury items for about a quarter, and sides and beverages for the remaining quarter, with an average order value of Rs 475.
All eight outlets are company-owned, and the company does not plan to franchise. Online and offline channels contribute roughly equally to revenue, which matters because a new category needs both walk-in discovery and delivery reach to scale.
Why V3 Ventures backed a single-product brand
V3 Ventures is an early-stage consumer investor backed by Verlinvest, and its India portfolio includes Go Zero, Salad Days and other food brands. For this deal, the question was whether one product could work across many locations, not whether a single store could sell well.
And it’s not a one-store wonder – they have been able to roll out to multiple locations and perform across the board.
V3 Ventures points to store-level sales to support that view. Seven stores in Mumbai are each generating more than Rs 15 lakh to Rs 16 lakh a month. Arjun Vaidya estimated that Mumbai alone could support 25 to 30 outlets.
The Shark Tank step that doubled in value
The brand first gained national attention on Shark Tank India Season 5, which aired in January 2026. Founders secured Rs 2.5 crore for 5 percent equity from Kunal Bahl and Mohit Yadav, at a Rs 50 crore valuation.
The new round doubles that valuation to Rs 100 crore post-money. The jump matters because it rewards repeat performance across eight stores, rather than the promise shown by two stores at the time of the television deal.
What the next 40 outlets will test
The company runs central kitchens in Mumbai and Delhi for semi-finished products and proprietary fillings, with a third-party logistics partner handling warehousing. That setup will be tested as the brand adds stores, because consistency across kitchens matters more than any single launch.
The target is an annualised revenue run rate of Rs 100 crore over the next 10 to 12 months. Reaching it will need monthly revenue to rise from about Rs 2 crore to about Rs 8 crore, which is the clearest measure of whether croffles can move beyond a novelty.
With V3 Ventures joining us, the next challenge is to take what we’ve built in 8 stores to 50 and beyond.
If the next 40 outlets hold the same sales pattern, the brand will have turned a Thailand street snack into a recognised Indian quick-service category. If they do not, the valuation jump will look early, and that is the test the new money is funding.
