99 Pancakes Company Profile

Background

Founded in June 2017 by Vikesh Shah, 99 Pancakes is India's pioneering quick-service restaurant (QSR) chain specializing in pancakes. The inaugural outlet in Mumbai's Kala Ghoda area marked the beginning of a rapid expansion, with the brand now operating over 70 outlets across more than 17 cities in India. The company's mission is to introduce innovative, vegetarian pancake offerings to the Indian market, transforming pancakes from a traditional breakfast item into a versatile dessert option.

Key Strategic Focus

99 Pancakes emphasizes continuous innovation and menu diversification to cater to evolving consumer preferences. The brand was the first to introduce mini pancakes to the Indian audience, leading to significant success. Collaborations with renowned brands like Epigamia, Nutella, Kit Kat, My Fitness, and Rage Coffee have further enriched the menu. The company targets both tier I and tier II cities, aiming to establish a strong presence across India through a mix of company-owned and franchise-operated outlets.

Financials and Funding

In August 2024, 99 Pancakes secured $2.38 million in a Series A funding round, led by investor Naresh Kamath. The capital is earmarked for aggressive expansion plans, including opening over 100 new outlets within the next 18 months, with a focus on entering markets such as Delhi, Bengaluru, Ahmedabad, Mumbai, Pune, Hyderabad, Chennai, Nagpur, Nashik, and others.

Pipeline Development

The company is actively expanding its footprint, with plans to reach 200 outlets by December 2025. This growth strategy involves both company-owned and franchise models, aiming to establish 10-12 outlets per city in targeted regions. Additionally, 99 Pancakes is venturing into the café model, with the first café launched in Nashik, Maharashtra, offering an extended menu that includes coffee, waffles, fries, pizza, and cakes.

Technological Platform and Innovation

99 Pancakes distinguishes itself through a live kitchen concept, where products are prepared in front of customers using high-quality ingredients. The menu features a variety of European-inspired desserts, including mini pancakes from Holland, crepes from France, and desserts from Austria, Italy, and Belgium. The company also collaborates with health-focused brands to introduce nutritious options, such as the "Procakes" range developed with Master Chef finalist Karishma Sakhrani.

Leadership Team

Vikesh Shah: Co-Founder and Chief Executive Officer. With over 20 years of experience in the dessert industry, Shah's passion for food and innovation led to the introduction of mini pancakes in India.

Binita Shah: Co-Founder and Executive Director.

Sandeep Agarwal: Co-Chief Operating Officer.

Sarfaraz Shaikh: Co-Chief Operating Officer.

Renuka Chalekar: Chief Marketing Officer.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within the company's leadership team.

Competitor Profile

Market Insights and Dynamics

The Indian QSR market is experiencing rapid growth, driven by changing consumer lifestyles and increasing disposable incomes. The demand for diverse and innovative food offerings presents significant opportunities for brands like 99 Pancakes.

Competitor Analysis

While 99 Pancakes holds a unique position as India's first pancake-focused QSR chain, it faces competition from other dessert and café brands expanding their menus to include similar offerings. Competitors are also leveraging franchise models and menu diversification to capture market share.

Strategic Collaborations and Partnerships

99 Pancakes has formed strategic partnerships with brands such as Epigamia, Nutella, Kit Kat, My Fitness, and Rage Coffee to enhance its menu offerings. These collaborations have introduced unique flavors and products, catering to a broad customer base.

Operational Insights

The company's expansion strategy involves a combination of company-owned and franchise-operated outlets, allowing for rapid scalability while maintaining quality standards. The live kitchen concept and continuous menu innovation serve as key differentiators in the competitive QSR landscape.

Strategic Opportunities and Future Directions

Looking ahead, 99 Pancakes aims to establish a presence in 40 Indian cities by the end of the year, up from 25 currently. The company is also exploring international markets, with potential expansion into the Middle East and Singapore through franchise partnerships. Continuous product innovation, such as the introduction of Japanese-inspired Dura pancakes, remains a focal point to attract and retain customers.