Eyes deeper COCO expansion in metros; bets big on sweet snacking with 9 SKUs.
As it marks its 10th anniversary, The Belgian Waffle Co has unveiled an aggressive expansion strategy, announcing a ₹20 crore investment to open 280 new stores over the next two years. The fast-growing waffle chain, which currently operates about 700 outlets across more than 230 cities in India, aims to further strengthen its footprint through a mix of company-owned and franchise models.
Ankit Patel, Managing Director and CEO of The Belgian Waffle Co., said, “The brand will continue leveraging its franchise network, especially in Tier III and Tier IV cities. However, moving forward, the company is shifting focus toward company-owned and company-operated (COCO) outlets in metro cities. Out of the 280 new stores planned, around 100–110 will be COCO outlets, while the rest will be franchise-operated”.
The chain, known for its freshly baked waffles served in takeaway and café formats, is currently operating under three models — kiosk, takeaway, and café. Kiosk and takeaway outlets range between 70–150 sq. ft., with a capital expenditure of ₹11–12 lakh per outlet, while café formats require 250–450 sq. ft. and entail a higher CAPEX of ₹16–18 lakh.
Presently, 85% of its stores follow the café model, with high-street presence, 10% operate as mall kiosks, and the remaining 5% function as takeaway outlets.
To support this nationwide growth, The Belgian Waffle Co. operates three warehouses in Mumbai (14,000 sq. ft.), Delhi, and Bengaluru (both approx. 3,300 sq. ft.). A fourth warehouse is slated to open in Kolkata within the next 3–4 months. The company also claims partial backward integration in its supply chain, manufacturing around 40% of its raw materials in-house, while sourcing the remaining 60% from vendors.
Alongside its QSR expansion, the brand is also doubling down on its FMCG ambitions, with a focus on India’s under-penetrated sweet snacking segment. Its current FMCG portfolio includes nine SKUs spanning pancake and waffle premixes, waffle crisps, and chocolate spreads.
Currently, the FMCG business contributes 1–2% of the company’s revenue and is distributed through approximately 1,100 general trade and modern trade outlets. “We see a white space in the sweet snacking category. We aim to make FMCG a ₹100 crore vertical in the next 3–5 years,” said Patel.
The company has been EBITDA profitable for the past 10 years, claims Patel, and raised ₹30 crore in 2021. It has no immediate plans to raise additional capital, banking on organic growth. Last fiscal, the company clocked ₹450 crore in revenue, growing at a consistent 30% year-on-year.
Region-wise, 50% of the revenue comes from Western India, while the North and East contribute 30%, and the South contributes 20%.
With a dual-pronged strategy of scaling up QSR presence and building an FMCG play, The Belgian Waffle Co is betting big on India’s evolving taste for sweet indulgences — both fresh and packaged.