The Croffle Guys Gets ₹14 Cr Funding, Valuation Hits ₹100 Cr

Mumbai’s The Croffle Guys has raised ₹14 crore at a ₹100 crore valuation, led by V3 Ventures with participation from N.A.N Partners, the family office of Navin Agarwal.

What makes this round notable isn’t the size it’s the number itself. Just months ago, the same founders walked out of Shark Tank India with a deal that valued their company at exactly half this amount.

That reversal says something sharper about investor appetite for single-product QSR brands in India than the funding figure alone ever could.

The Details

• Amount raised ₹14 crore
• Lead investo  V3 Ventures
• Also participating N.A.N Partners (Navin Agarwal’s family office)
• Post-money valuation ₹100 crore
• Shark Tank valuation (Jan 2026) ₹50 crore this round is 2x that
• Implied revenue multiple New valuation is roughly 4x the company’s current annualised run rate
• Use of funds Opening 40+ new outlets, mainly in Mumbai and Delhi, with Pune under evaluation

What Happened on Shark Tank, Exactly

The founders Rahul Vohra, Annanya Agarwal, Amay Thakkar and Veer Pinto entered Shark Tank India Season 5 in January 2026 asking for ₹1 crore for 1% equity.

That ask implied a ₹100 crore valuation, despite the company having only around ₹1.5 crore in lifetime sales at the time.

The Sharks pushed back hard on that number. Kunal Bahl and Mohit Yadav eventually closed the deal at ₹2.5 crore for 5% a ₹50 crore valuation, exactly half what the founders had opened with.

From 2 Stores to a 40-Store Bet

At the time of the Shark Tank pitch, The Croffle Guys was roughly a year old and running on a handful of outlets.

Today, it operates 8 stores, up from the 2 it started with already a 4x footprint increase in under a year.

The fresh capital is earmarked to push that further: 40+ new outlets, concentrated in Mumbai and Delhi, which would take the total store count to roughly 6x its current size.

The Math Behind the New Valuation

The company is targeting ₹100 crore in annualised revenue within the next 10-12 months which works out to monthly revenue of about ₹8 crore.

That’s roughly 4x its current monthly run rate, meaning the new valuation isn’t based on where the business is today, but on where investors are betting it lands within a year.

This is a familiar pattern in high-growth F&B: valuations anchored to a near-future revenue target rather than trailing numbers a bet that works only if store expansion converts into matching sales velocity.

Why This Number Actually Matters

A startup doubling its valuation within months of a televised pitch isn’t unusual on its own Shark Tank deals are famously negotiated down from founder asks. What’s more interesting is that V3 Ventures and N.A.N Partners are effectively validating the founders’ original ₹100 crore number, the same one the Sharks rejected as too aggressive. That’s either a sign the company’s post-Shark Tank execution (4x store growth, visible demand) justified the higher number, or a sign that single-SKU QSR concepts are currently being priced on growth potential rather than current fundamentals a pattern worth watching given how crowded India’s dessert-QSR space has become.

The Bottom Line

The real test isn’t the valuation it’s whether 40 new stores can actually hit the revenue run rate investors are underwriting, in a food category where expansion often outpaces demand.