The Belgian Waffle Co to add 140 stores every year; FMCG push, global foray ahead

The brand is now gearing up for its next phase of growth, exploring more product categories, building new brands and expanding its retail footprint

Bengaluru: Waffles found their way into India’s mainstream palate only in the last two decades and one of the key players responsible for sparking this love affair is The Belgian Waffle Co. The idea for the brand took shape in 2015 when Co-Founder Shrey Aggarwal, during his time working abroad, discovered the joy of waffles through culinary experiments. He and his wife Alisha Aggarwal launched the brand with a modest offline start in Mumbai.

Run by Bloombay Enterprises Pvt. Ltd., the brand was the first to bring the concept of on-the-go waffles to India with its signature product, the Waff-wich.

Now in 2025, the brand celebrates a decade in the business. With more than 650 stores spread across 210 cities, it has grown into India’s biggest waffle chain.

With a loyal customer base of 4–5 million, The Belgian Waffle Co is now gearing up for its next phase of growth, exploring more product categories, building new brands, expanding its retail footprint, and laying the groundwork for a possible global presence in the future.

Where It All Started

The brand’s journey began in Mumbai, where the founding team had a strong understanding of the market. The first outlet was set up inside INOX CR2 as an asset-light model housed within the cinema premises. 

“Our focus was on keeping capital expenditure low, avoiding heavy investments in interiors or infrastructure. This format allowed us to refine both the business model and product offering based on customer feedback,” said Ankit Patel, Managing Director & CEO at The Belgian Waffle Co in an exclusive interview with IndiaRetailing.

The first full-fledged high street store was launched at Chowpatty, strategically located between two iconic brands—Cream Centre and New Yorkers—to maximise visibility and footfall.

Following this, the brand opened 7–8 company-owned outlets. However, inspired by the growth strategies of several global brands, the team decided to adopt a franchise-driven model.

In 2021, the brand shifted strategy after the pandemic exposed the drawbacks of franchising, especially brand dilution. To protect brand equity, it began prioritising company-owned, company-operated (COCO) stores in major cities. 

The brand also retails through third-party platforms like Swiggy and Zomato, with its overall revenue split evenly between online and offline channels.

Formats & Footprints

As of now, the brand operates around 340 company-owned outlets across 40 cities, with the remaining 310 run under the FOFO model.

They work across three formats: 

• Kiosks (50 – 90 sq. ft., mainly in malls)
• Takeaway stores (100 – 340 sq. ft. with minimal seating on high streets)
• Café-style outlets (250 – 450 sq. ft., mainly on high streets)

Currently, around 80% of the footprint is in the café format, 10–15% in takeaway, and 5–10% in kiosks.

“We prioritise high streets for several strategic reasons,” Patel explained. “Malls often operate on short 11-month leases, with rental hikes if the outlet performs well, something brands have little control over. Also, malls close by 11 PM, limiting late-night footfall, whereas indulgent cravings often peak later in the night.”

Product Portfolio

“We started with a simple menu of just nine SKUs focused mainly on waffles. As demand evolved, we introduced pancakes and then expanded into cold beverages like shakes, taking cues from emerging trends at the time,” said Patel.

Waffles remained its hero product and core strength, which eventually led the company to discontinue pancakes about 5–6 years ago. 

Over time, its waffle offerings have grown from the initial nine SKUs to about 30 today. In 2019, the brand entered the cake market with its waffle cakes. Two years later, it expanded its offerings with ice cream sundaes, and most recently, launched a cheesecake-inspired waffle range.

“Currently, we’re developing an expanded cold beverage range expected to launch by the end of this year. In addition, we are introducing hot beverages at select stores. If all goes as planned, we aim to roll out a refreshed and more flavourful beverage lineup soon,” added Patel.

Entering the FMCG Space

Around the time of pandemic, with stores shut, the company launched its own FMCG range to sustain revenue. 

It started with the launch of pancake and waffle premixes. Tapping into India’s robust snacking culture, the brand later introduced waffle crisps, followed by chocolate spreads. The current FMCG portfolio comprises nine SKUs, with plans to steadily expand the range over time.

These products are sold across the brand’s own network of around 700 stalls, as well as in both modern and general trade channels reaching approximately 1,300 touchpoints. The brand aims to broaden its reach by mid to end of this year, with a focus on entering new cities.

Brand Building Initiatives

Rather than relying heavily on traditional advertising, the brand has leveraged its store footprint as an awareness tool, each new outlet acting as billboards that build brand equity. As a result, the brand has historically maintained low marketing spends compared to other QSR brands.

“Targeting a Gen Z audience, we have adopted a digital-first marketing approach early on. This strategy, driven by content, timing, and precise targeting, has allowed for efficient brand building without large budgets,” said Vrushali Parab, Marketing Head at The Belgian Waffle Co.

The brand typically runs three major consumer campaigns each year, with National Waffle Day being the biggest. Originally created by The Belgian Waffle Co., the day has grown into a widely recognised celebration within the dessert industry, embraced even by competitors.

Tech as a Growth Lever

From digital discovery and app-based pre-ordering to seamless in-store ordering via smartphones, the brand has integrated tech across every touchpoint. 

To enhance in-store engagement, the brand incorporates AR/VR elements and interactive games. Customers can scan a QR code, play games while waiting, and win rewards.

On the supply side, its in-house POS system handles both billing and backend inventory. In business development, traditional scouting has been upgraded with data tools to identify high-potential locations using metrics like footfall and F&B density, enabling smarter, data-driven expansion.

“Looking ahead, we are set to launch a new custom-built loyalty program designed to blend consumer behaviour insights with brand goals, offering a tech-enabled, personalised rewards system that deepens engagement,” said Parab.

Retail Rollout Plans

Last year, the brand opened around 140 outlets and of these, roughly 100 stores annually are company-owned (COCO), while the remaining 30–40 outlets are added through the franchise (FOFO) model.

“Our expansion strategy has remained consistent over the past eight years, with an average rollout of 10–12 outlets per month, approximately 140 stores annually. This steady pace is expected to continue over the next four to five years,” said Patel.

“We have found that while regional food preferences vary, the love for sweets is universal, leading to a consistent consumption pattern nationwide. Hence, our growth strategy isn’t geography-specific. Looking ahead, the plan is to continue franchising in Tier 3 and Tier 4 towns, while adopting the COCO model in all major urban markets,” he added.

Key Focus Areas

Brand Extensions & New Brands: The team is actively evaluating opportunities to launch new product categories under the same brand or even create entirely new brands within the company’s umbrella, similar to how some QSR players have diversified.

FMCG Scale-Up: Though the brand forayed into FMCG years ago, it has yet to go all in. It is now re-evaluating this vertical, aiming for FMCG to contribute 15–20% of total revenues in the long term, without compromising on profitability or unit economics.

International Expansion: This remains on the radar, but is still a few years away. The brand is conducting early-stage research to understand what localisation would be required to succeed globally.

Acquisitions: With a strong balance sheet, the brand is open to “tuck-in” acquisitions, small, strategic buys that reduce time to market and align with its brand values. While not an immediate focus, it’s a possibility the team is willing to pursue opportunistically.

Over the past eight years, the brand has scaled 20-fold in revenue and 10–12 fold in profitability, closing the last fiscal year with revenue of Rs 450 crore.

“We don’t believe in setting rigid five-year plans, instead opting to stay agile and focused on doing the right things consistently. We have maintained a steady ~30% year-on-year growth and expect this momentum to continue over the next 2–3 years,” Patel added.

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