Croffle chain The Croffle Guys raises $1.48M to add 40 stores
What's the deal? The Croffle Guys, a Mumbai-based quick-service restaurant brand, has raised US$1.9M in an early-stage round led by V3 VenturesDealroom has a profile for this one. Try Dealroom →, with participation from N.A.N. Partners, the family office of Navin Agarwal. The round values the company at US$13.6M post-money.
The chain sells "croffles" — a cross between croissants and waffles — in sweet and savoury varieties, including chilli garlic cream cheese and margherita pizza versions. Founded in 2025 by Rahul Vohra, Annanya Agarwal, Amay Thakkar, and Veer Pinto, it targets consumers aged 16 to 24, plus office-goers and young families.
By the numbers: The company has grown from two outlets to eight in about a year and reports a US$0.33-crore annualised revenue run rate. Vaidya said seven Mumbai stores each generate more than US$20.4K-US$21.7K in monthly sales, with an average order value of about US$6.45.
Where it's expanding: The fresh capital will fund more than 40 new outlets, mainly in Mumbai and Delhi, with a selective presence in Pune. It is targeting a US$1.36-crore annual revenue run rate over the next 10 to 12 months, all through company-operated stores.
"We have all company-operated outlets. We don't do franchises and we don't plan to do franchises going forward," Vohra said.
What's the endgame? For V3 Ventures co-founder Arjun Vaidya, the case rested on whether the concept could be replicated, not on any single store. "The most important thing for me was it's not a one-store wonder business," he said, citing consistent sales across locations.
The company runs central kitchens in Mumbai and Delhi for semi-finished products and proprietary fillings, with a third-party logistics partner handling warehousing. Vohra said the setup lets it expand without heavy capital in backend infrastructure.
What could go wrong? The outlet targets and revenue ambitions remain plans, not proof. Scaling a niche, single-concept product to more than 40 stores is a substantial test of whether demand and store economics hold up.
The signal: The round reflects renewed investor interest in differentiated Indian food and QSR brands; Boba BhaiDealroom has a profile for this one. Try Dealroom → raised US$5.43M in March and is also planning expansion. Vaidya pointed to the growth of waffle chains in India and consumers shifting towards premium food — but warned that "you cannot scale food businesses in QSR without content," underlining how social media now drives footfall for young brands.
Read more: entrepreneur.economictimes.indiatimes.com
Image credit: Generated with Gemini
