The Croffle Guys raised ₹140 million in a funding round led by V3 Ventures. N.A.N Partners, the family office of Navin Agarwal, also participated. The Mumbai-based quick-service restaurant chain is now valued at ₹1 billion and sells croffles, a croissant-waffle fusion.
Expansion plans
The startup will use the capital to open more than 40 outlets. The expansion focuses on Mumbai and Delhi, with selected locations in Pune. The company has grown from two outlets to eight in about a year.
Recent growth
The company reports an annualized revenue run rate of ₹240 million. Monthly revenue is around ₹20 million, and it recorded nearly threefold growth over the past six months. It aims to reach ₹1 billion in annual revenue within 10 to 12 months.
Product and investors
Menu items come in sweet and savory croffle options. The startup previously raised ₹25 million on Shark Tank India at a ₹500 million valuation. The deal offers access to Verlinvest's consumer brand experience.
The company plans to raise monthly revenue to ₹80 million. It will expand beyond its initial markets through the new outlet rollout. The expansion will build a larger footprint in India's organized QSR segment.