The Croffle Guys funding values croffle chain at Rs 100 crore

The Croffle Guys, a Mumbai-based quick-service restaurant start-up that sells croffles, has raised about Rs 14 crore in a funding round led by V3 Ventures, with N.A.N Partners, the family office of Navin Agarwal, also investing. The round, reported on Tuesday, 3 November 2026, values the company at Rs 100 crore after the new money comes in. The company plans to use the funds to open more than 40 new outlets, mainly in Mumbai and Delhi, with a selective presence in Pune.

A croffle is a croissant dough pressed and cooked in a waffle iron, giving a flaky, crisp pastry that is then topped with sweet or savoury fillings. The Croffle Guys has built a small chain around this single product, and the new round shows that investors are still willing to back narrow, product-led food brands in India's cities when they can show fast store growth and steady sales.

For a quick-service restaurant chain, the main question is whether each new outlet can repeat the sales of the first ones. The company says it has grown from two to eight outlets in about a year and now runs at Rs 24 crore of annualised revenue. An annualised run rate takes recent monthly sales and multiplies them to a full year, so it shows the current pace of business, not audited annual revenue. The target of Rs 100 crore in 10 to 12 months depends on opening the new outlets on time and on each one finding enough customers.

The investor mix is also worth noting. A family office such as N.A.N Partners invests the personal wealth of a business family rather than money pooled from outside investors, so it can take a longer view than a fund that must return money on a fixed timetable. Here it sits alongside a venture investor, V3 Ventures, which led the round and set its terms.

The doubling of the valuation since the brand's appearance on Shark Tank India, from Rs 50 crore to Rs 100 crore, shows how a television deal can help a young brand gain attention, but the new price rests on the company's own sales numbers, which have not been publicly audited.

Peepals calculation: The Rs 14 crore round is about 14% of the Rs 100 crore post-money valuation (14 ÷ 100 = 0.14). Eight outlets bringing in Rs 24 crore a year works out to about Rs 3 crore per outlet (24 ÷ 8 = 3). The Rs 100 crore revenue target is a little over four times the current run rate (100 ÷ 24 ≈ 4.2), and the valuation is also about four times current annualised revenue. Our calculation from the reported figures.

Short-term: Customers in Mumbai and Delhi can expect more outlets of the chain as the company spends the new money on stores. Landlords and suppliers in those cities gain a new tenant and buyer.

Long-term: If each new outlet matches the current average, a chain of around 50 outlets would be close to the company's revenue target; if not, the gap would show up quickly in later funding rounds. The round also adds to the list of single-product food brands trying to scale beyond one city.

Who is affected: Young urban customers of cafes and dessert outlets; staff the chain will hire for new outlets; investors in Indian consumer food brands; and other dessert and bakery start-ups competing for the same customers and locations.

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