QSR chain 99 Pancakes raises Rs 20 Cr

Quick service restaurant (QSR) chain 99 Pancakes has secured Rs 20 crore ($2.4 million) in a Series A funding round from a family office.

In March 2022, it had raised Rs 6.5 crore in a round of funding through a group of angel investors. The latest funds will be used to make its presence across India, 99 Pancakes said in a press release.

Entrackr has reached out to 99 Pancakes to know the names of the investors.

Launched in 2017 by Vikesh Shah, 99 Pancakes specializes in a variety of pancakes that cater to all tastes and preferences. The brand sells pancakes, waffles, french crepes, macaroons, croissants, pizzas, and shakes.

According to the Mumbai-based 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 and will expand its presence by opening company-owned outlets and associating with master franchisees in different regions.

99 Pancakes says that it has opened 4 new outlets in the current month and expansion efforts are centered on the state of Gujarat, with new locations slated for Ahmedabad, Vadodara, Anand, Surat, and Vapi.