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 round values the company at Rs 100 crore post-money.
The startup will use the fresh capital to expand its store network, with plans to add more than 40 outlets. The expansion will focus primarily on Mumbai and Delhi, along with a selective presence in Pune.
Founded in 2025 by Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto, The Croffle Guys operates in the QSR segment with a menu built around croffles, a combination of croissants and waffles. Its offerings include both sweet and savoury options.
The Croffle Guys Targets Rs 100 Crore in Annual Revenue
The company has grown from two outlets to eight in approximately a year. It currently operates at an annualised revenue run rate of Rs 24 crore and is targeting Rs 100 crore in annual revenue over the next 10-12 months.
The startup has also reported nearly threefold revenue growth over the past six months. Its monthly revenue currently stands at approximately Rs 2 crore, which it aims to increase to Rs 8 crore.
The Croffle Guys first gained wider attention after appearing on Shark Tank India, where it secured a Rs 2.5 crore investment deal at a valuation of Rs 50 crore.
Investor Network Brings Consumer Brand Experience
The investment also gives The Croffle Guys access to the consumer business experience of Verlinvest, which has backed brands such as Oatly, Epigamia, Blue Tokai Coffee Roasters and Insomnia Cookies.
Meanwhile, V3 Ventures has investments across consumer and food businesses, including Go Zero, Crème Castle, Dil Foods, Super You and Salad Days.
With the latest funding, The Croffle Guys plans to strengthen its presence in its existing markets and expand into new locations. Its store expansion strategy is aimed at building a larger footprint in India’s organised QSR segment.
-By Shivani Solanki
