Vikesh Shah, Founder of 99 Pancakes. /Photo provided.
99 Pancakes raises $2.38m to fuel expansion in India
The brand will focus on Tier 1 cities.
Indian QSR chain 99 Pancakes recently raised $2.38m (INR200m) in a Series A funding round to fuel its expansion plans with a focus on Tier 1 cities across the country.
The investors were not named but significant investments were received from a family office.
According to the company, it is set to add 50 new outlets by the end of the current year and 200 outlets by the end of December 2025. The company aims to expand geographic coverage to 50 cities across India.
99 Pancakes plans to expand its presence by opening company-owned outlets and associating with master franchisees in different regions.
In the current month, 99 Pancakes has opened 4 new outlets, marking a successful month of growth. The momentum will continue into September with plans to launch an additional 8 outlets. The company’s current expansion efforts are centred on the state of Gujarat, with new locations slated for Ahmedabad, Vadodara, Anand, Surat, and Vapi.
99 Pancakes is a quick-service restaurant (QSR) chain, specialising in a variety of pancakes that cater to all tastes and preferences.
