The premiere episode of Shark Tank India Season 3 witnessed a sweet and sensational start as Mumbai-based dessert brand, The Croffle Guys, managed to win over all five investors on the panel. The founders pitched their innovative hybrid pastry, a 'croffle' combining a croissant and a waffle, securing multiple competitive offers and creating a memorable moment filled with humor and sharp remarks.
From Thailand Trip to Shark Tank Pitch
The entrepreneurial journey for The Croffle Guys began unexpectedly during a boys' trip to Thailand. The founding team comprises Annanya Agarwal, Veer Pinto, Amay Thakkar, and Rahul Vohra, each bringing diverse professional experiences to the table. Rahul Vohra, with years in the film industry including work with director Kabir Khan, credited his creative background for his risk-taking ability. Financial constraints and limited acting opportunities eventually led him to focus entirely on building the dessert brand.
Veer Pinto, who works full-time in the film industry as part of Karan Johar's Dharma Productions core creative team, is not involved with the startup on a daily basis. Annanya Agarwal has invested in the brand but is currently occupied with managing another startup. The only full-time co-founder, Amay Thakkar, holds a degree in industrial engineering from the United States.
The Dramatic Pitch and Shark Reactions
Entering the tank, the founders asked for Rs 1 crore in exchange for a mere 1 percent equity, showcasing high confidence in their valuation. They revealed an impressive first-year performance with total sales of Rs 1.5 crore. When questioned about adding coffee to their menu, Rahul Vohra replied in a characteristically dramatic, dialogue-style manner.
This prompted a hilarious exchange with the Sharks. Aman Gupta joked, “Oh hero, full dialogue baazi,” while Namita Thapar retorted sharply, “Tu jaa Bollywood wapas (Go back to Bollywood).” Despite the banter, the business fundamentals and the founders' passion were compelling enough to attract offers from every single Shark.
A Feeding Frenzy: Multiple Offers on the Table
The pitch triggered a competitive bidding war. Aman Gupta opened with an offer of Rs 1 crore for 3 percent equity, which was matched by Namita Thapar and Kunal Bahl. Anupam Mittal expressed that while he disliked the high valuation, he was impressed by the founders. He presented two alternative options: Rs 1.5 crore for 5 percent equity, or Rs 1 crore for 1 percent equity with a 2 percent royalty until Rs 2 crore was recovered.
The most substantial joint offer came from Kunal Bahl and Mohit Yadav, who teamed up to offer Rs 2 crore for 6 percent equity. This array of choices placed The Croffle Guys in an enviable position, allowing them to choose the partnership that best aligned with their vision for growth.
Building a Feeling, Not Just a QSR
Reflecting on their mission, the founders shared that Croffle Guys was never just about building another quick-service restaurant. “It was about building a feeling,” they said. Their goal has consistently been to create moments of joy, whether through the first bite of a croffle or a social media reel that makes someone laugh. They credited Shark Tank India for providing a platform to share their story of authenticity, humour, and community, expressing pride in building a new food category in India and aiming to take their homegrown idea from Mumbai to the world.
