Mumbai-based quick-service restaurant (QSR) startup The Croffle Guys has raised ₹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 ₹100 crore post-money and will help the four founders expand their dessert and café business across India.
Founded in 2025 by Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto, The Croffle Guys plans to use the fresh capital to open more than 40 outlets, primarily in Mumbai and Delhi, while also exploring opportunities in Pune.
The company has expanded from two outlets to eight in approximately a year. It currently operates at an annualised revenue run rate of ₹24 crore and is targeting ₹100 crore in annual revenue over the next 10-12 months.
From a Thailand Trip to a Growing QSR Brand
The idea behind The Croffle Guys emerged when the four friends came across a croffle during a trip to Thailand. A croffle combines the flaky texture of a croissant with the crisp exterior of a waffle, creating a dessert that can be served in both sweet and savoury varieties.
After experimenting with the product, the founders launched their first outlet in Mumbai in May 2025.
Rather than building a conventional bakery or café, they focused on making croffles the centre of a specialised QSR format. The menu has since expanded to include beverages and different food combinations.
The startup has reported nearly threefold revenue growth over the past six months. Monthly revenue currently stands at approximately ₹2 crore, with a target of ₹8 crore per month.
V3 Ventures and N.A.N Partners Back Expansion
The latest investment brings institutional capital and consumer business expertise into the startup's next phase of expansion.
V3 Ventures has backed several consumer and food businesses, including Go Zero, Dil Foods, Super You, Salad Days and Crème Castle.
N.A.N Partners, the family office of Navin Agarwal, is the other investor participating in the round.
The investment also provides The Croffle Guys access to the wider consumer business experience associated with Verlinvest, which has backed brands such as Oatly, Epigamia, Blue Tokai Coffee Roasters and Insomnia Cookies.
Shark Tank India Gave the Brand National Attention
The Croffle Guys gained wider recognition after appearing on Shark Tank India Season 5.
The founders initially sought ₹1 crore for 1% equity. They eventually accepted an offer of ₹2.5 crore for 5% equity from Kunal Bahl and Mohit Yadav, implying a valuation of ₹50 crore.
The latest ₹100 crore post-money valuation represents a substantial increase from the valuation associated with that television deal.
Can The Croffle Guys Build a Scalable QSR Chain?
The next stage will test whether the brand can reproduce its early success across different cities and locations.
Opening 40 additional outlets will require consistent product quality, reliable supply chains, trained staff and strong store-level economics.
The jump from an annualised revenue run rate of ₹24 crore to a ₹100 crore target also requires a significant increase in business scale.
For founders Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto, the challenge is no longer introducing Indian consumers to croffles. It is building a repeatable restaurant business around a relatively specialised food category.
