In 2015, when Shrey Aggarwal returned from Manila with an innovative idea—a quick-service, on-the-go waffle restaurant, few could have predicted the transformation he would spark in India’s dessert landscape. Today, The Belgian Waffle Co. (BWC) stands as a case study in how a single product innovation can create an entirely new market, scale rapidly, and deliver strong returns for both founders and franchisees.
From Humble Kiosk to 450+ Stores
BWC’s journey began with a single kiosk. Fast forward to 2025, and the brand boasts over 450 operational stores across more than 160 cities in India, as well as a growing international footprint in Nepal and Dubai. The company’s expansion has been meteoric as in just three years, it became one of India’s fastest-growing QSR (Quick Service Restaurant) chains, and it continues to open new outlets at a fast pace.
A Franchise Model Built for Scale
The secret sauce behind BWC’s success is its franchise-first approach. With more than 220 franchise partners, BWC offers two main models:
- Kiosk Model: Requires 80+ sq. ft., a franchise fee of ₹3.5 lakh, setup cost of ₹8.5 lakh, and total investment of around ₹12 lakh. ROI is typically achieved in 14–16 months, with just 2–4 staff needed.
- Café Model: Requires 200+ sq. ft., a franchise fee of ₹5 lakh, setup cost of ₹13 lakh, and total investment of about ₹18 lakh. ROI is similar, with a slightly larger team.
Franchisees benefit from a healthy net profit margin of 18–25% and can expect to recover their investment within 13–16 months. The brand’s 8.5% royalty fee supports national marketing and operational support, while BWC’s focus on affordable pricing (average waffle price: ₹100–150) ensures strong footfall—averaging 250 customers per outlet daily.
Financial Performance and Industry Impact
BWC’s financials show a robust business model. In FY22, the company reported ₹46 crore in revenue and an EBITDA margin of 21%, making it to nearly ₹10 crore in operating profits. This performance is notable in a sector where 10–15% profit margins are considered exceptional. The low capex requirement, minimal staff needs, and high product margins make the business highly replicable and attractive to first-time entrepreneurs.
Innovation and Consumer Appeal
By making their entire menu fully vegetarian, they welcomed everyone to enjoy waffles, whether it’s breakfast, a midday snack, or even dessert after dinner. This spirit of innovation and inclusivity did not go unnoticed: BWC’s fresh take on waffles has got them accolades like “Franchisor of the Year” in the Dessert Category and the “Asia Food Innovation Awards.”
Looking Ahead: Global Ambitions
BWC has its sights set on a big future. With a goal of reaching 500 outlets, the brand is not only looking to grow across India—especially in Tier II and III cities—but is also exploring opportunities on the global stage. What sets BWC apart is its ability to adapt to different markets while staying true to its core values of affordability and accessibility. This flexible approach is helping the brand connect with more people and pave the way for long-term growth.
Conclusion
The Belgian Waffle Co. potrays how a clear vision, relentless innovation, and a scalable franchise model can turn a simple idea into a nationwide phenomenon. For aspiring entrepreneurs, BWC offers not just a beloved product, but a proven business model with attractive returns—a rare combination in the competitive world of food service.
As India’s sweet tooth evolves, The Belgian Waffle Co. is poised to remain at the forefront, serving up golden opportunities, a waffle at a time.
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