The Croffle Guys Shark Tank India Episode Review
The Croffle Guys appeared on Shark Tank India Season 5, Episode 1, seeking ₹1 Crore for 1% equity, valuing their company at ₹100 Crore. After a competitive bidding war involving all five Sharks, the founders successfully closed a deal for ₹2.5 Crore for 5% equity (valuation of ₹50 Crore) with Sharks Kunal Bahl and Mohit Yadav.
The Croffle Guys is a Mumbai-based dessert brand pioneering the “croffle” category in India—a unique culinary hybrid that combines the flaky texture of a croissant with the structure of a waffle. Founded by four friends with diverse backgrounds in engineering, film, and business—Amay Thakkar, Rahul Vohra, Veer Pinto, and Annanya Agarwal—the brand achieved impressive first-year sales of ₹1.5 Crore. The startup focuses on building a community-driven brand through cinematic storytelling, humor, and social media engagement, targeting Gen-Z and millennial customers who seek Instagram-worthy, premium dessert experiences. Their vision is to scale this homegrown concept from the streets of Mumbai to global markets while creating “moments of joy” for every customer.
Website Information
- Website:- The Croffle Guys(Instagram Page)
- Instagram Followers:- 18K
Founders
The brand was established by a diverse group of four friends with backgrounds spanning engineering, film, and business:
- Amay Thakkar: A full-time co-founder who studied industrial engineering in the United States.
- Rahul Vohra: A full-time co-founder who transitioned from the film industry. He previously assisted director Kabir Khan and acted in advertisements alongside Shah Rukh Khan.
- Veer Pinto: A part-time founder who remains a core member of Karan Johar’s Dharma Productions creative team.
- Annanya Agarwal: An investor in the brand who is currently occupied managing a separate startup venture.
Brand Overview
The Croffle Guys is a Mumbai-based dessert brand that aims to introduce a new food category to the Indian market. The concept was born during a trip to Thailand, where the founders discovered the potential of the “croffle.” The business leverages the combined expertise of its founders in operations, creative storytelling, and risk-taking to create a unique niche in the urban food scene.
Shark Tank India Appearance & Ask
The founders appeared as the first pitchers in the premiere episode of the season. They entered the tank with a high valuation, seeking:
- The Ask: ₹1 Crore for 1% equity.
- Pitch Style: Rahul Vohra utilized his acting background to deliver a dramatic pitch, which became a point of discussion among the Sharks.
Season and Episode Air Date
- Season: 05
- Episode: 01
- Episode Air Date: Monday, 05 January 2026
Product Overview
The brand’s primary product is the Croffle, a culinary hybrid of a croissant and a waffle. By combining the flaky texture of a croissant with the structure of a waffle, they have created a versatile dessert. Additionally, the brand has expanded its menu to include coffee to complement their food offerings.
Investor Reactions
The Sharks had mixed reactions to the founders’ presentation styles and business metrics:
- Aman Gupta: Noted Rahul’s dramatic flair, jokingly calling him a “hero” for his “dialogue baazi.”
- Namita Thapar: Was more critical of the theatrical pitch, suggesting Rahul should “go back to Bollywood.”
- Anupam Mittal: Expressed reservations regarding the high valuation but admitted he liked the founders personally.
Customer Engagement Philosophy
The founders believe that their brand is about more than just Quick Service Restaurant (QSR) operations; it is about “building a feeling.” Their philosophy centers on:
- Authenticity and Humor: Using social media and “reels” to connect with customers and make them laugh.
- Community: Creating a sense of joy and belonging through their brand story and interactions.
Product Highlights
- Market Success: In its very first year of operations, the brand recorded total sales of ₹1.5 Crore.
- Innovation: They are credited with pioneering the croffle category in India.
- Creative Resilience: Founder Rahul Vohra cites his struggles in the acting industry as the catalyst for his entrepreneurial drive and willingness to take risks.
Future Vision
The Croffle Guys aim to scale their “homegrown idea” from the streets of Mumbai to a global stage. Their goal is to continue building a new food category in India while maintaining their focus on creating “moments of joy” for every customer, eventually taking the brand to international markets.
Deal Finalized or Not
Yes, a deal was finalized. All five Sharks made offers, leading to a highly competitive environment. The offers included:
- Aman Gupta: ₹1 Crore for 3% equity.
- Namita Thapar & Kunal Bahl: ₹1 Crore for 3% equity.
- Anupam Mittal: Offered two structures—₹1.5 Crore for 5% equity OR ₹1 Crore for 1% equity with a 2% royalty until ₹2 Crore is recovered.
- Kunal Bahl & Mohit Yadav: A joint offer of ₹2 Crore for 5% equity.
- The Croffle Guys secured an investment of Rs 2.5 crore for 5 % equity after receiving an offer from Sharks Kunal Bahl and Mohit Yadav.
| Parameter | Details |
|---|---|
| Website | The Croffle Guys (Instagram Page) |
| Instagram Followers | 18K |
| Founding Team Overview | Established by four friends with backgrounds in engineering, film, and business |
| Founder – Amay Thakkar | Full-time co-founder; studied industrial engineering in the United States |
| Founder – Rahul Vohra | Full-time co-founder; former film industry professional; assisted Kabir Khan; acted in ads with Shah Rukh Khan |
| Founder – Veer Pinto | Part-time founder; core member of Karan Johar’s Dharma Productions creative team |
| Founder – Annanya Agarwal | Investor in the brand; currently managing a separate startup |
| Brand Location | Mumbai, India |
| Brand Category | Dessert / QSR |
| Brand Concept Origin | Inspired by discovery of croffles during a trip to Thailand |
| Core Brand Idea | Introducing a new hybrid dessert category in India |
| Founders’ Strength | Combination of operations expertise, creative storytelling, and risk-taking |
| Shark Tank India Appearance | First pitchers in the premiere episode |
| Season | Season 05 |
| Episode | Episode 01 |
| Episode Air Date | Monday, 05 January 2026 |
| Valuation Expectation | Rupees 50CR |
| Ask Amount | ₹1 Crore |
| Equity Asked | 1% |
| Pitch Style | Dramatic pitch led by Rahul Vohra using acting skills |
| Primary Product | Croffle (Croissant + Waffle hybrid) |
| Product Texture | Flaky croissant combined with waffle structure |
| Menu Expansion | Added coffee offerings |
| Investor Reaction – Aman Gupta | Joked about Rahul’s dramatic pitch; called him a “hero” |
| Investor Reaction – Namita Thapar | Criticized theatrical pitch; suggested returning to Bollywood |
| Investor Reaction – Anupam Mittal | Liked founders personally but questioned valuation |
| Customer Philosophy | Building a “feeling,” not just a QSR brand |
| Engagement Strategy | Use of humor, reels, and social media storytelling |
| Community Focus | Creating joy and a sense of belonging |
| First-Year Revenue | ₹1.5 Crore |
| Market Innovation | Pioneer of the croffle category in India |
| Founder Motivation | Rahul Vohra’s acting struggles fueled entrepreneurial risk-taking |
| Long-Term Vision | Scale from Mumbai to global markets |
| Brand Goal | Create moments of joy for customers |
| Deal Status | Deal Closed at Rs 2.5 crore for 5 percent equity with Sharks Kunal Bahl and Mohit Yadav. |
| Offer – Aman Gupta | ₹1 Crore for 3% equity |
| Offer – Namita Thapar & Kunal Bahl | ₹1 Crore for 3% equity |
| Offer – Anupam Mittal (Option 1) | ₹1.5 Crore for 5% equity |
| Offer – Anupam Mittal (Option 2) | ₹1 Crore for 1% equity + 2% royalty until ₹2 Crore recovered |
| Offer – Kunal Bahl & Mohit Yadav | ₹2 Crore for 6% equity |
| Business Plan Focus | Building a scalable hybrid dessert brand |
| Indian Dessert Market Size (2026) | $14.8 Billion |
| Market CAGR | 9.12% |
| QSR Bakery Share | 18.42% of QSR market |
| Revenue Scalability Potential | ₹50 Crore run rate within 3 years |
| Expansion Model | Hub-and-spoke |
| Total Addressable Market (TAM) | $30.37 Billion urban QSR market |
| Serviceable Available Market (SAM) | $5.6 Billion café and snacking segment |
| Serviceable Obtainable Market (SOM) | 1–2% of premium dessert market in Tier-1 cities |
| Target Cities | Mumbai, Delhi, Bangalore |
| Target Customer Base | 15–20 million urban diners |
| Primary Audience | Gen-Z (16–25 years) |
| Secondary Audience | Millennials (26–35 years), high-income professionals |
| Customer Behavior | Tech-savvy, reels/TikTok consumers |
| Average Order Value | ₹250–₹500 |
| Storytelling Strategy | Cinematic mini-movies for launches |
| Content Focus | CrunchTok, ASMR, texture-based visuals |
| Brand Personality | Humorous, dramatic, community-centric |
| Social Media Goal | Grow Instagram from 18K to 100K+ in 12 months |
| Paid Ads Targeting | Premium bakeries, K-Drama food, Starbucks interests |
| Influencer Strategy | Food vloggers, lifestyle creators, BTS kitchen tours |
| SEO Strategy | Google My Business optimization and geo-fenced ads |
| Distribution Model | Experience centers + cloud kitchens |
| Delivery Platforms | Swiggy and Zomato |
| Delivery Market CAGR | 12.33% through 2031 |
| Offline Expansion | Pop-up kiosks in malls and corporate parks |
| Key Advantage | First-mover in croffle category |
| Creative Advantage | Strong viral and storytelling DNA |
| Major Challenge | High real estate rents in metro cities |
| Awareness Challenge | Educating non-metro consumers about croffles |
| Core Success Factor | “Vibe-Matching” affordable luxury |
| Supply Chain Strategy | Central base kitchens |
| Menu Expansion Strategy | Savory croffles and strong coffee lineup |
| Phase 1 Expansion | 20+ locations in Mumbai, Pune, Bangalore |
| Phase 1 Revenue Target | ₹15–20 Crore |
| Phase 2 Strategy | Ready-to-heat frozen croffles (D2C) |
| Tier-2 Market Entry | Through packaged products |
| Target Annual Run Rate | ₹50 Crore |
| EBITDA Target | 15%+ |
| Future Valuation Goal | ₹150–200 Crore |
| Funding Milestone | Series A by 2028 |
The Croffle Guys Shark Tank India Business Plan
Business Potential of The Croffle Guys in India
- The Croffle Guys Market Entry: With the Indian bakery and dessert market valued at approximately $14.8 Billion in 2026 (growing at a 9.12% CAGR), The Croffle Guys are perfectly positioned to capitalize on the “Hybrid Dessert” trend.
- The Croffle Guys Category Innovation: By merging the croissant and waffle, The Croffle Guys have created a high-margin, low-competition product that appeals to the 18.42% of the QSR market currently dominated by bakeries.
- The Croffle Guys Revenue Scalability: Having achieved ₹1.5 Crore in sales in their first year with minimal outlets, the potential for The Croffle Guys to scale to a ₹50 Crore revenue run rate within 3 years is high through a hub-and-spoke expansion model.
Total Addressable Market (TAM) for The Croffle Guys
- The Croffle Guys Urban Reach: The TAM for The Croffle Guys comprises the urban QSR segment in India, estimated at $30.37 Billion in 2026.
- The Croffle Guys Serviceable Market (SAM): The Croffle Guys specifically target the “Café and Snacking” culture, which represents a $5.6 Billion segment within the larger QSR landscape.
- The Croffle Guys Serviceable Obtainable Market (SOM): Initially focusing on Tier-1 cities (Mumbai, Delhi, Bangalore), The Croffle Guys aim to capture 1–2% of the premium dessert market in these metros, targeting a customer base of 15–20 million urban diners.
Ideal Target Audience and Demographics for The Croffle Guys
- The Croffle Guys Gen-Z Focus: The primary audience for The Croffle Guys consists of “Foodie” Gen-Z (16–25 years) who prioritize “Instagrammability” and novel textures.
- The Croffle Guys Millennial Demographic: The Croffle Guys also target working Millennials (26–35 years) in high-income brackets who view premium desserts as an “everyday little luxury” or a “mood boost.”
- The Croffle Guys Psychographics: The ideal The Croffle Guys customer is tech-savvy, consumes short-form video content (Reels/TikTok), and is willing to pay a premium (₹250–₹500 Average Order Value) for a high-quality, unique experience.
Marketing and Content Strategy for The Croffle Guys
- The Croffle Guys Cinematic Storytelling: Leveraging founder Rahul Vohra’s film background, The Croffle Guys will produce high-production “mini-movies” for product launches rather than standard ads.
- The Croffle Guys “Moment of Joy” Content: The Croffle Guys will focus on “CrunchTok” and ASMR content that highlights the unique texture mashup of the flaky croissant and the soft waffle.
- The Croffle Guys Personality-Led Branding: By positioning the founders as “The Guys” next door, The Croffle Guys will build a brand voice that is humorous, dramatic, and community-centric.
Digital Marketing Strategy for The Croffle Guys
- The Croffle Guys Social Media Dominance: The Croffle Guys will use Meta Ads targeting users interested in “Premium Bakeries,” “K-Drama Food,” and “Starbucks,” aiming to grow their Instagram following from 18K to 100K+ in 12 months.
- The Croffle Guys Influencer Collaborations: The Croffle Guys will partner with food-vloggers and lifestyle influencers for “unboxing” experiences and “behind-the-scenes” kitchen tours.
- The Croffle Guys Hyper-Local SEO: To drive footfall, The Croffle Guys will optimize Google My Business listings and utilize geo-fenced Instagram ads for customers within a 5km radius of their outlets.
Distribution Strategy for The Croffle Guys
- The Croffle Guys Omnichannel Presence: The Croffle Guys will operate through a mix of flagship “Experience Centers” for brand building and “Cloud Kitchens” for rapid delivery fulfillment.
- The Croffle Guys Delivery Partnerships: Integration with Swiggy and Zomato is a core pillar for The Croffle Guys, focusing on the 12.33% CAGR predicted for the food delivery segment through 2031.
- The Croffle Guys Retail & Pop-ups: The Croffle Guys will utilize pop-up kiosks in high-footfall malls and corporate parks to increase brand visibility and drive impulse purchases.
Advantages and Challenges for The Croffle Guys
- The Croffle Guys Strategic Advantages:
- The Croffle Guys First-Mover Benefit: Establishing a strong foothold in the “Croffle” niche before larger chains.
- The Croffle Guys Creative DNA: A founding team that understands how to make a brand “cool” and viral.
- The Croffle Guys Critical Challenges:
- The Croffle Guys High Rents: Real estate costs in Mumbai/Delhi can eat into the margins of The Croffle Guys.
- The Croffle Guys Category Awareness: Educating the non-metro consumer about what a “Croffle” is.
Success Factors and Mitigation for The Croffle Guys
- Why The Croffle Guys Will Succeed: The brand succeeds because it focuses on “Vibe-Mathing”—offering a product that feels like a luxury but is priced as a snack, fitting the “Me-Me-Me” economy of 2026.
- The Croffle Guys Mitigation Strategies:
- Supply Chain Control: The Croffle Guys will invest in central base-kitchens to maintain product consistency and reduce labor costs at individual outlets.
- The Croffle Guys Menu Diversification: Including “Savory Croffles” and a robust coffee line ensures The Croffle Guys are not just a “dessert” brand but a “snacking” destination.
Future Roadmap and Valuation for The Croffle Guys
- The Croffle Guys Phase 1 (Year 1-2): Expand to 20+ locations across Mumbai, Pune, and Bangalore; target a revenue of ₹15–20 Crore.
- The Croffle Guys Phase 2 (Year 3-4): Launch frozen “Ready-to-Heat” croffle packs for D2C sales, increasing The Croffle Guys‘ market reach to Tier-2 cities.
- The Croffle Guys Valuation Trajectory: By achieving a ₹50 Crore annual run rate with 15%+ EBITDA margins, The Croffle Guys aim to reach a valuation of ₹150–200 Crore by 2028 through a Series A funding round.
