The Croffle Guys Secures $1.6 Mn to Expand QSR Network

The Croffle Guys Secures $1.6 Million Funding

Mumbai-based quick-service restaurant startup The Croffle Guys has Secures Rs 14 crore (approximately $1.6 million) in a funding round led by V3 Ventures. N.A.N. Partners, the family office of Navin Agarwal, also participated in the round.

Following the investment, the company has reached a post-money valuation of Rs 100 crore. The startup had previously secured an investment deal of Rs 2.5 crore at a Rs 50 crore valuation after appearing on Shark Tank India.

How Will The Croffle Guys Use the Funding?

The company will use the fresh capital to expand its outlet network by adding more than 40 stores across Mumbai, Delhi and Pune.

Its immediate focus is on strengthening its presence in Mumbai and Delhi, while also exploring selective expansion in Pune. The company aims to increase its network from eight outlets to approximately 50 over the next two years.

The startup plans to focus on company-operated outlets rather than adopting a franchise model.

What Does The Croffle Guys Do?

Founded in 2025, The Croffle Guys is a quick-service restaurant brand specialising in croffles, a combination of croissants and waffles.

Its menu includes sweet and savoury croffles, along with sides and beverages. The brand primarily targets consumers aged 16 to 24, while also catering to office-goers and young families.

The company currently operates eight outlets, having expanded from two locations within approximately one year. It reports an annualised revenue run rate of Rs 24 crore and an average order value of around Rs 475.

Business Growth and Operations

The Croffle Guys operates central kitchens in Mumbai and Delhi, where it prepares semi-finished products and its proprietary fillings. It also works with an outsourced warehousing and logistics partner to manage storage and distribution.

Sweet croffles contribute around 50% of its sales, while savoury products account for approximately 25%. Sides and beverages make up the remaining 25%.

The company has also collaborated with consumer brands such as Nykaa and Epigamia. It is exploring packaged croffle products, including a format similar to pop-tarts.

About The Croffle Guys

The Croffle Guys was founded in 2025 by Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto. The founders bring experience across the film industry, consulting, finance and operations.

The startup operates company-owned QSR outlets and serves customers through both online and offline sales channels, which contribute roughly equally to its business.

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