QSR chain 99 Pancakes raises Rs 6.5 crore
Plans to utilise funding for expansion and marketing across India
Mumbai-headquartered quick service restaurant (QSR) chain 99 Pancakes has raised Rs 6.5 crore in a round of funding through a group of angel investors. India’s first QSR chain specialising in pancakes is set to utilise the funding for expansion and marketing across India in the coming months. The brand, which recently collaborated with kids’ entertainment channel Cartoon Network to roll out a special summer menu for children, will be further looking for such marketing associations.
“In the last 5 years, 99 Pancakes has successfully carved a niche for itself in the QSR segment. We have grown steadily through the owned and franchise route so far. With this funding, we will steer ahead and expand our presence in Delhi, Gurgaon, Noida, Ahmedabad, Bengaluru and Chennai. To maintain the SOPs and experience of the ambience and menu, we wish to keep the operational functionality with us, however to penetrate the markets all across the country, we may adopt the institutional franchise route,” said Vikesh Shah, Founder, 99 Pancakes.
Started by Shah in 2017, 99 Pancakes has 45 outlets operational across 14 cities including those in Mumbai, Surat, Pune, Varanasi, Indore and Jabalpur. The brand enjoys a dominant presence in Mumbai with over 20 outlets. This is the brand’s first round of funding and the company has defined plans to consume the incoming funds to fuel country-wide expansion. 99 Pancakes plans to open 25 outlets in the first phase and going ahead with more rounds of funding, it plans to penetrate in tier 2 and 3 cities as well. The brand will follow the Company Owned Company Operated (COCO) and Franchise Owned Company Operated (FOCO) model to mark its presence all over the country. The brand will also soon enter the FMCG segment as well with the introduction of its first product as pancake premixes.
Shah further said, “With this funding we intend to enter the FMCG segment with pancake premixes. A part of these funds will also be utilised towards brand building and marketing. We have grown organically so far and we will now adopt a strategic approach towards brand positioning and visibility through a digital first approach.”
Naresh Kamath, who invests in startups, said that multiple factors induced him to invest in this project. “Since its inception, the brand has performed steadily and has continued expanding its footprints. Despite the setback in the last two years, the brand has not only managed to sustain but also has registered very good numbers especially since the restrictions were relaxed. The F&B industry is showing great promise in the country. I am confident about its management and expect it to become one of the most popular brands in the country within a couple of years,” Kamath said.
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