The Croffle Guys Raises Rs 14 Crore at Rs 100 Crore Valuation

Mumbai QSR startup The Croffle Guys has raised Rs 14 crore in a round led by V3 Ventures, with participation from N.A.N Partners, the family office of Navin Agarwal, at a post-money valuation of Rs 100 crore. That's double the Rs 50 crore price tag the company carried when it struck its Shark Tank India deal — and roughly a year after it was running just two outlets.

Where the money goes

The fresh capital funds a store network expansion of more than 40 new outlets. The build-out concentrates on Mumbai and Delhi, with a selective presence in Pune. The plan fits the startup's broader push for a bigger footprint in India's organised QSR segment.

Founded in 2025 by Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto, The Croffle Guys built its menu around the croffle — a croissant-waffle hybrid — in both sweet and savoury versions. The company has grown from two outlets to eight in roughly twelve months.

What does the valuation mean in revenue terms?

The numbers tell a fast-scaling story. The company currently runs at an annualised revenue run rate of Rs 24 crore, or about Rs 2 crore a month. It wants that monthly figure at Rs 8 crore — which works out to the Rs 100 crore annual revenue target it has set for the next 10-12 months. In plain terms, the startup is asking investors to believe it can more than quadruple revenue in a year.

It has momentum to point to: revenue has grown nearly threefold over the past six months. And hitting the Rs 100 crore revenue goal would bring the business roughly in line with its new valuation — a rare 1x revenue-to-valuation ratio for a food startup at this stage.

The Shark Tank origin

The Croffle Guys first drew wide attention on Shark Tank India, where it landed a Rs 2.5 crore investment at a Rs 50 crore valuation. The new round values the company at twice that mark, a clear marker of how its revenue trajectory has re-rated the business in the market's eyes.

Who's behind the money

The deal brings more than cash. V3 Ventures, which led the round, holds a consumer and food portfolio that includes Go Zero, Crème Castle, Dil Foods, Super You and Salad Days. The investment also opens access to the consumer business experience of Verlinvest, the backer of brands such as Oatly, Epigamia, Blue Tokai Coffee Roasters and Insomnia Cookies.

For a year-old QSR brand, that's a deep bench of food-and-beverage operating knowledge to draw on as it scales beyond its eight stores.

The road ahead

With the latest funding, The Croffle Guys plans to consolidate its existing markets and push into new locations. The bet is straightforward: take a niche product with proven unit economics in Mumbai, replicate it across 40-plus outlets in India's two biggest urban markets, and quadruple monthly revenue along the way. The next 10-12 months will show whether the croffle can carry that weight.