The Mumbai-based QSR startup plans to add over 40 outlets across key markets as it targets Rs 100 crore in annual revenue over the next 10–12 months.
The Croffle Guys, a Mumbai-based quick-service restaurant (QSR) startup, has raised Rs 14 crore in a funding round led by V3 Ventures, with participation from N.A.N Partners, the family office of Navin Agarwal. The investment values the company at Rs 100 crore post-money.
The fresh capital will primarily support the company’s retail expansion, with plans to add more than 40 outlets across India. The expansion will focus on Mumbai and Delhi, alongside a selective presence in Pune.
Founded in 2025 by Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto, The Croffle Guys operates in the growing QSR segment with a menu centred on croffles, a fusion of croissants and waffles. Its offerings include both sweet and savoury options.
The startup has expanded from two outlets to eight in approximately a year and currently operates at an annualised revenue run rate of Rs 24 crore. It has recorded nearly threefold revenue growth over the past six months, with monthly revenue reaching approximately Rs 2 crore. The company aims to increase monthly revenue to Rs 8 crore and achieve Rs 100 crore in annual revenue over the next 10–12 months.
The brand first gained national attention through its appearance on Shark Tank India, where it secured a Rs 2.5 crore investment deal at a valuation of Rs 50 crore.
Beyond capital, the latest investment provides access to the consumer business experience of Verlinvest, which has backed brands including Oatly, Epigamia, Blue Tokai Coffee Roasters and Insomnia Cookies.
V3 Ventures has also invested in consumer and food businesses such as Go Zero, Crème Castle, Dil Foods, Super You and Salad Days.
With its latest funding, The Croffle Guys is looking to accelerate its store expansion and establish a larger footprint in India’s organised QSR market. Its ability to scale outlets while maintaining product consistency, customer experience and operational efficiency will be central to achieving its ambitious revenue targets.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
