FUNDING
The Croffle Guys raises Rs 14 crore, valuation doubles to Rs 100 crore
The Mumbai‑based QSR brand will use the fresh capital to add over 40 outlets and push annual revenue toward Rs 100 crore.
Funding round details
The Croffle Guys announced on 3 Nov 2026 that it has raised Rs 14 crore in a fresh round. The round was led by V3 Ventures with participation from N.A.N Partners, the family office of Navin Agarwal. The investment puts the startup at a post‑money valuation of Rs 100 crore, exactly double the Rs 50 crore valuation it received on Shark Tank India earlier this year.
Expansion plans
With eight company‑owned stores already operating, the founders plan to open more than 40 new outlets. The bulk of the expansion will focus on Mumbai and Delhi, while Pune will see a selective rollout. All new sites are expected to be owned rather than franchised, keeping control of product quality and brand experience.
Revenue performance and targets
The brand currently runs an annualised revenue run‑rate of Rs 24 crore and generates roughly Rs 2 crore per month. Revenue has nearly tripled in the last six months. The funding will fund a push to Rs 100 crore annual revenue – roughly Rs 8 crore per month – within the next 10‑12 months. A simple side‑by‑side view:
| Metric | Current | Target |
|---|---|---|
| Outlets | 8 | +40 |
| Annual revenue | Rs 24 crore | Rs 100 crore |
| Monthly revenue | Rs 2 crore | Rs 8 crore |
| Average order value | Rs 475 | – |
The average order sits at Rs 475, with sweet croffles accounting for about 50 % of sales, savoury items 25 %, and the remaining 25 % split between sides and beverages. Online and offline channels contribute roughly equally to turnover.
Shark Tank India background
The founders first entered the national spotlight on Shark Tank India Season 5 (January 2026). They secured a Rs 2.5 crore investment for 5 % equity from Kunal Bahl and Mohit Yadav, valuing the company at Rs 50 crore. That deal set the stage for the current round, which now values the business at Rs 100 crore.
What’s next
The immediate priority is to translate the capital into brick‑and‑mortar growth. By the end of 2027 the brand aims to have 50‑plus stores across its core markets, leveraging the consumer‑business expertise of V3 Ventures and its backer Verlinvest (known for backing Oatly, Epigamia, Blue Tokai Coffee Roasters and Insomnia Cookies). The founders say the goal is not just more stores but to make croffles a recognised food category for Indian consumers.
--- *The Croffle Guys was founded in 2025 by Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto. Its first outlet opened in Santacruz, Mumbai on 18 May 2025. All eight existing locations are company‑owned, and the brand operates dark‑kitchen concepts in Delhi NCR (East Delhi and Gurugram).