Mumbai-based quick-service restaurant (QSR) startup The Croffle Guys has raised Rs 14 crore in a funding round led by V3 Ventures, with participation from N.A.N Partners, the family office of Navin Agarwal. The investment values the company at Rs 100 crore post-money and will support its expansion across major Indian cities.
The startup plans to add more than 40 outlets, focusing primarily on Mumbai and Delhi, while also exploring selective expansion in Pune. The fresh funding will help the company grow its store network and strengthen its presence in India’s organised quick-service restaurant market.
Founded in 2025, The Croffle Guys operates in the emerging croffle segment, offering a combination of croissants and waffles through sweet and savoury menu options. The company was co-founded by Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto.
From Two Outlets to Eight in a Year
The Croffle Guys has expanded from two outlets to eight in approximately a year. The company currently operates at an annualised revenue run rate of Rs 24 crore, with monthly revenue of around Rs 2 crore.
The startup has reported nearly threefold revenue growth over the past six months. It is now targeting Rs 100 crore in annual revenue over the next 10-12 months and aims to increase its monthly revenue to Rs 8 crore.
The planned addition of more than 40 outlets will be a significant part of this growth strategy, with Mumbai and Delhi expected to remain its primary markets.
Shark Tank India Brought Early Investor Attention
The Croffle Guys first gained wider national attention through its appearance on Shark Tank India, where it secured an investment deal worth Rs 2.5 crore at a valuation of Rs 50 crore.
The latest funding round marks a step up from that earlier valuation, placing the company at Rs 100 crore post-money.
The investment from V3 Ventures also brings access to the consumer business experience of Verlinvest, which has backed brands including Oatly, Epigamia, Blue Tokai Coffee Roasters and Insomnia Cookies.
V3 Ventures has also invested in several consumer-focused and food businesses, including Go Zero, Crème Castle, Dil Foods, Super You and Salad Days.
What Comes Next for The Croffle Guys?
The startup’s immediate focus is on expanding its physical footprint while increasing revenue across its existing business.
Its plans to enter more locations in Mumbai and Delhi, alongside a selective presence in Pune, will determine how quickly it can scale its outlet network.
With eight outlets currently operational and more than 40 additions planned, The Croffle Guys is looking to build a larger presence in India’s organised QSR segment. Its next growth phase will centre on translating its early revenue momentum and investor backing into a wider retail network.
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