The Croffle Guys raises Rs 14 crore to double valuation to Rs 100 crore

Mumbai-based quick-service restaurant startup The Croffle Guys has raised Rs 14 crore in a funding round led by V3 Ventures, doubling its valuation to Rs 100 crore post-money.

Family office N.A.N Partners, representing Navin Agarwal, also participated in the round. The investment comes after a period of rapid growth for the brand, which introduced its fusion of croissants and waffles to the Indian retail market.

Store network expansion and financial targets

The startup plans to use the fresh capital to open more than 40 new outlets, focusing heavily on expanding its footprint across Mumbai and Delhi while making selective entries into Pune. All stores in the network will remain company-owned, with the management continuing to avoid franchising.

The Croffle Guys currently operates eight outlets, having expanded from two stores over the past year. Monthly revenue stands at approximately Rs 2 crore, placing its current annualised revenue run rate at Rs 24 crore following a threefold rise in sales over the last six months.

Management aims to scale monthly revenue to Rs 8 crore within the next 10 to 12 months, achieving an annualised revenue run rate of Rs 100 crore.

Product mix and retail journey

The startup was founded in May 2025 by Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto after the founders encountered croffles on a trip to Thailand. The brand opened its first store in Santacruz, Mumbai, before establishing locations in Girgaon Chowpatty, Matunga and Lokhandwala. Early expansion into Delhi NCR began through dark kitchens in East Delhi and Gurugram.

Sweet croffles generate 50 per cent of company sales, with savoury items accounting for 25 per cent and beverages and sides filling the remaining 25 per cent. The average order value sits at Rs 475, with sales split evenly between physical stores and online delivery platforms.

"What is exciting is seeing a generation that grew up on burgers, pizzas, cookies, and brownies make room for croffles in their everyday choices," co-founder Annanya Agarwal said. "With V3 Ventures joining us, the next challenge is to take what we have built in eight stores to 50 and beyond."

Arjun Vaidya, co-founder of V3 Ventures, said the team demonstrated strong execution across operations, strategy and branding, having successfully scaled across multiple retail locations.

Shark Tank backing and investor network

The Croffle Guys gained national visibility in January 2026 after appearing on the first episode of Shark Tank India Season 5. During the broadcast, founders secured a Rs 2.5 crore investment for 5 per cent equity from Kunal Bahl and Mohit Yadav, which established the startup's earlier Rs 50 crore valuation.

The latest capital injection brings access to the wider consumer investment ecosystem of V3 Ventures and its anchor backer Verlinvest. V3 Ventures has previously backed consumer food brands including Go Zero, Crème Castle, Dil Foods, Super You and Salad Days.