A year ago, four friends took a trip to Thailand and came up with a brilliant business idea. During their vacation, Rahul Vinod Vohra, Annanya Agarwal, Amay Thakkar, and Veer Pinto came across a street vendor making croffles and immediately thought of bringing the idea to Indian consumers.
A croffle is a hybrid of a croissant and a waffle. It combines the buttery, layered structure of croissant dough with the grid‑patterned crispness of a waffle.
The product immediately caught their attention, and the idea became The Croffle Guys. This Mumbai-based QSR brand focused on croffles and beverages and started operations in May 2025.
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They opened their first outlet in Santacruz and within a few months expanded to a second outlet in Girgaon Chowpatty. Within months of starting their croffle brand, the founders appeared on Shark Tank India Season 5.
Their business proposition was built around a relatively simple product. A croffle is prepared by placing croissant dough in a waffle machine. The Croffle Guys developed sweet and savoury variants, along with cold and foam-based drinks, and positioned the product as an all-day offering rather than limiting it to dessert.
According to the founders, at the time they appeared on Sark Tank India, the two croffle outlets were generating Rs 1 lakh in combined daily sales. Around 65 per cent of the revenue came from offline sales, while online channels brought in the remaining 35 per cent of revenue.
The company also adapted a low-cost approach to marketing. During their appearance on Shark Tank India, the founders revealed they spent virtually zero on performance marketing and instead relied on organic social media engagement, content creation, and word-of-mouth to attract customers. On the show, the founders asked for Rs 1 crore in exchange for 1 per cent equity, implying a Rs 100 crore valuation.
Ultimately, the founders secured offers from both Aman Gupta-Namita Thapar and Kunal Bahl-Mohit Yadav. They eventually chose to go with Bahl and Yadav, who offered Rs 2.5 crore for 5 per cent equity, putting the company's post-money valuation at Rs 50 crore.