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Shark Tank India-featured The Croffle Guys doubles valuation to Rs 100 crore after raising Rs 14 crore

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Shark Tank India-featured The Croffle Guys doubles valuation to Rs 100 crore after raising Rs 14 crore

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.

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.


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