QSR chain 99 Pancakes raised Rs 20 Cr Series A funding from family office
A family office has invested Rs 20 crore ($2.4 million) in a Series A funding round for the quick service restaurant (QSR) chain 99 Pancakes.
It had raised Rs 6.5 crore through a round of funding in March 2022 from a group of angel investors. The most recent funding will be used to expand 99 Pancakes’ reach throughout India, the company announced in a press release.
Vikesh Shah founded 99 Pancakes in 2017, with a focus on a wide range of pancakes to suit every taste and preference. Pancakes, waffles, croissants, macaroons, waffles, pizzas, and shakes are among the items sold by the brand.
By the end of this year, the Mumbai-based company plans to open 50 new locations, and by the end of December 2025, 200 locations. The company plans to open company-owned stores and partner with master franchisees in various regions in order to increase its geographic reach to 50 cities throughout India.
The Gujarat state is the focus of 99 Pancakes’ expansion plans, with new locations planned for Ahmedabad, Vadodara, Anand, Surat, and Vapi. The company reports that it has opened four new locations in the current month.
