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The Croffle Guys raises Rs 14 cr to expand store network
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Saturday, 07 November, 2026, 11 : 00 AM [IST]
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Our Bureau, Mumbai
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The Croffle Guys, the brand turning the croissant-waffle fusion into a new QSR category in India, has raised Rs14 crore in a round led by V3 Ventures (Backed by Belgian Consumer investment powerhouse Verlinvest with participation from N.A.N. Partners (Family Offices of Navin Agarwal), at a post-money valuation of Rs100 crore. Having grown from just two stores to 8 in barely a year, the Mumbai-based brand has reached a Rs24 crore annualised revenue run rate, positioning itself among India's fastest-growing new-age QSR businesses.
The company will add over 40 outlets, primarily across Mumbai and Delhi, with a selective presence in Pune, with Rs100 crore annualised revenue run rate over the next 10–12 months.
Four founders. Four different worlds. One new food category. At the forefront is co-founder Annanya Agarwal, an Emory University economics graduate, former Boston Consulting Group consultant and entrepreneur with experience building businesses in the industrial recycling sector. Annanya brings the investment perspective, strategic direction, and experience of scaling enterprises to The Croffle Guys, helping shape its evolution from an unconventional food concept into an ambitious QSR business.
Alongside him, Rahul Vohra, a New York University economics graduate who spent nearly a decade in the film industry working with filmmaker Kabir Khan, brings storytelling and marketing instincts to the brand. Amay Thakkar, an industrial engineering graduate from the University of Illinois Urbana-Champaign, brings an analytical approach to operations, processes and store-level execution. Veer Pinto, with a background in filmmaking at Karan Johar's Dharma Productions, brings creative thinking to product development, working on the flavours and quality that define the Croffle Guys experience.
Together, the four have built a brand that is deliberately unconventional in personality but commercially ambitious in its approach. Its sweet and savoury croffles, unapologetically indulgent menu and distinctive identity with a clear focus on content and distribution have helped turn an unfamiliar product into a growing consumer category, with the business recording approximately threefold revenue growth over the past six months.
Annanya Agarwal, Co-founder, The Croffle Guys, said, “The Croffle Guys is our answer to a market where everyone knows the big QSR names, but very few new food categories manage to break through. We wanted to change that. In barely a year, we've gone from two outlets to 8, with revenues growing threefold in the last six months. What's more exciting is seeing a generation that grew up on burgers, pizzas, cookies, and brownies, make room for Croffles in their everyday choices. That tells us we're building something with staying power. With V3 Ventures joining us, the next challenge is to take what we've built in 8 stores to 50 and beyond. We want croffles to become a category India recognises, craves and comes back for.”
“The investment also brings the experience of Verlinvest, whose portfolio has included Oatly, Epigamia, Blue Tokai Coffee Roasters and Insomnia Cookies. And a strong QSR and food experience from V3 Ventures who have already invested successfully in Go Zero, Crème Castle, Dil Foods, Super You and Salad Days. With this, The Croffle Guys gains a partner with experience backing emerging consumer F&B businesses and supporting their growth.
The brand first gained national attention on Shark Tank India, securing a Rs2.5 crore deal at a Rs50 crore valuation. With monthly revenues now at approximately Rs2 crore and a target of Rs8 crore per month, The Croffle Guys is preparing to take its distinctive food category beyond its initial markets.
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