Mumbai-based quick service restaurant (QSR) chain, 99 Pancakes, has raised Rs 20 crore (approximately $2.4 million) in a Series A funding round from a family office. This latest infusion of capital comes after the company previously secured Rs 6.5 crore in March 2022 from a group of angel investors.
Founded in 2017 by Vikesh Shah, 99 Pancakes has made a name for itself by offering a wide range of sweet and savoury pancakes, as well as other delicacies such as waffles, French crêpes, macaroons, croissants, pizzas, and shakes. The brand aims to cater to diverse tastes and has rapidly expanded its footprint across India.
The newly acquired funds will be utilized to accelerate the chain’s growth across the country. According to the company’s official statement, 99 Pancakes plans to open 50 new outlets by the end of the current year, to reach 200 outlets by December 2025. The expansion will focus on enhancing the brand’s presence in 50 cities across India through a combination of company-owned outlets and partnerships with master franchisees.
As part of its ongoing expansion strategy, 99 Pancakes has already launched four new outlets this month. The company is particularly focused on growing its footprint in Gujarat, with new locations set to open in Ahmedabad, Vadodara, Anand, Surat, and Vapi.
