Mumbai-based quick-service restaurant (QSR) startup The Croffle Guys 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 round values the startup at Rs 100 crore post-money.
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The valuation is double the Rs 50 crore at which the founders secured a deal on Shark Tank India earlier this year, when Kunal Bahl and Mohit Yadav agreed to invest Rs 2.5 crore for 5% equity.
The Croffle Guys plans to use the capital to add more than 40 outlets, mainly in Mumbai and Delhi, with a selective presence in Pune.
The startup has grown from two outlets to eight in about a year. All its outlets are company-owned, and it has said it does not plan to franchise.
It currently operates at an annualised revenue run rate of Rs 24 crore, with monthly revenue of about Rs 2 crore. Revenue has grown nearly threefold over the past six months, the startup claimed.
It is targeting Rs 100 crore in annualised revenue run rate over the next 10-12 months, which means taking monthly revenue to about Rs 8 crore, roughly four times the current level. The new valuation works out to a little over four times its current run rate.
Sweet croffles account for about half of sales, savoury items for about 25% and sides and beverages for the remaining 25%, with an average order value of Rs 475. Online and offline channels contribute roughly equally to revenue.
A croffle is croissant dough pressed in a waffle iron. The Croffle Guys sells sweet and savoury versions, along with coffee and other drinks.
Founded in 2025 by four friends, Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto, The Croffle Guys was inspired by their discovery of croffles during a trip to Thailand. Its first outlet opened in Santacruz, Mumbai, on 18 May 2025.
The brand was bootstrapped before its Shark Tank appearance. Its Mumbai outlets include Santacruz, Girgaon Chowpatty, Matunga and Lokhandwala. It entered Delhi NCR in early 2026 through dark kitchens serving East Delhi and Gurugram.
The Croffle Guys appeared in the first episode of Shark Tank India Season 5, which aired in January 2026. The founders asked for Rs 1 crore for 1% equity, valuing the business at Rs 100 crore.
They had reported sales of about Rs 1.5 crore from a few outlets at the time. Several Sharks questioned how easily the product could be copied and whether the valuation was too aggressive for a young food business.
After offers from multiple Sharks, the founders settled for Rs 2.5 crore for 5% from Kunal Bahl and Mohit Yadav, at half the valuation they had sought.
