The Croffle Guys raises Rs 14 crore at Rs 100 crore valuation

By Amara Osei

The Croffle Guys raised Rs 14 crore at a Rs 100 crore post-money valuation in a round led by V3 Ventures. N.A.N Partners, the family office of Navin Agarwal, also participated, according to the Mumbai-based startup’s press release.

According to The Croffle Guys, Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto co-founded the startup in 2025. It operates in the quick-service restaurant (QSR) segment and sells croffles, a fusion of croissants and waffles, through sweet and savoury menu options, the company said.

How will the fresh capital be used?

The Croffle Guys said in a press release: “The fresh capital will be used to expand its store network.” It plans to add more than 40 outlets, primarily across Mumbai and Delhi, with a selective presence in Pune.

The startup has expanded from two outlets to eight in approximately one year, according to the company. The company also said the broader plan will take it beyond its initial markets and “build a larger footprint in India’s organised QSR segment.”

Mumbai and Delhi will absorb most of the planned additions, while Pune is earmarked for a selective presence, the company said. The plan would add more than 40 outlets to a current base of eight, materially widening the chain’s geographic reach.

How fast is the business growing?

The Croffle Guys reported an annualised revenue run rate of Rs 24 crore. Monthly revenue currently stands at approximately Rs 2 crore after nearly threefold revenue growth over the past six months, the company said.

The company is targeting Rs 8 crore in monthly revenue. It also aims to reach Rs 100 crore in annual revenue over the next 10-12 months, according to The Croffle Guys.

The Rs 100 crore goal sits well above the current Rs 24 crore annualised run rate. The monthly target calls for a move from approximately Rs 2 crore to Rs 8 crore, making sales execution as important as the outlet rollout, the company said.

What deal did The Croffle Guys secure on Shark Tank India?

The startup first gained national attention through its appearance on Shark Tank India, the company said. On the show, The Croffle Guys secured a Rs 2.5 crore investment deal at a valuation of Rs 50 crore.

The current round brings more capital than the earlier deal: Rs 14 crore versus Rs 2.5 crore. The company’s funding announcement cites a Rs 100 crore post-money valuation now, compared with the Rs 50 crore valuation attached to the Shark Tank India transaction.

Who is backing the expansion?

The investment also gives The Croffle Guys access to the consumer business experience of Verlinvest, according to the company. Verlinvest has backed Oatly, Epigamia, Blue Tokai Coffee Roasters and Insomnia Cookies.

V3 Ventures has also invested in consumer and food businesses, according to The Croffle Guys. Its named investments include Go Zero, Crème Castle, Dil Foods, Super You and Salad Days.

V3 Ventures is the lead investor in the round, while N.A.N Partners brings the family office backing of Navin Agarwal, according to The Croffle Guys. Both relationships arrive as the startup prepares to add more than 40 outlets, with Mumbai and Delhi leading the rollout.

Over the next 10-12 months, The Croffle Guys must turn more than 40 planned outlets into monthly revenue of Rs 8 crore and annual revenue of Rs 100 crore, according to the company’s targets. Execution in Mumbai and Delhi will carry most of that expansion, with Pune remaining a selective part of the plan.