₹25 Crore Revenue: How Vikesh Shah Built India's Pancake Empire

Quick Summary Box

1. The Before: The Humble Beginnings in Mumbai’s Food Scene

Vikesh Shah’s journey was far from a conventional corporate career. Growing up in a financially strained family in Mumbai, following his father's business loss, stability was a luxury. His fears were basic and profound: the constant doubt of where the next meal would come from.

He started working at a local Churchgate bakery at just 16, while still in 10th grade, for a meager ₹700 per month. Academics were frustrating; the hands-on, practical work in the bakery was his true passion. The pressure wasn't to chase a high salary but to earn anything at all. By age 18, he was a manager. This early, forced immersion into the Mumbai food industry was his accidental training ground. He had years of experience but was feeling stuck, seeking the financial stability and growth that his small ventures couldn't provide

2. The Breaking Point/Decision Moment: An Amsterdam Spark

The real 'breaking point' wasn't a corporate burnout, but a moment of clarity and a refusal to stay small. After two decades of experience, including running his own corporate catering and a bakery called ‘The Happiness Deli’ in Mumbai, Vikesh was a seasoned entrepreneur.

The trigger came around 2014, during his travels to Europe. He noticed the widespread popularity of pancakes and waffles. He realised this simple, delicious treat was missing from the burgeoning Indian dessert market. The decision was logical, built on decades of market insight: “India will not take to pancakes for breakfast... but as a dessert with Nutella or chocolate, it will be a hit.”

He chose to launch a new, niche QSR chain 99 Pancakes, leveraging his existing foundation. His biggest concern was whether the Indian consumer's taste buds would accept the concept. His conviction, however, was in the "Indianised" format: affordable and focused on the universally loved chocolate and Nutella toppings.

3. The Solution: Pioneering the Mini-Pancake QSR in India

The core approach was "Indianisation" and "Food Theater."

What He Did (Step by step):

1. Market Validation: Conducted taste tests, experimenting with batters and toppings to find the right Indian consumer sweet spot.
2. Concept & Pricing: Developed a specialised mini-pancake recipe and branded the QSR around a catchy, affordable price point ₹99 for the first line of products, giving birth to 99 Pancakes.
3. First Outlet Launch (2017): Opened the flagship store in Kala Ghoda, Mumbai a prime, high-footfall location with a small team.

The QSR format featured big, open kitchens, allowing customers to watch their pancakes being made fresh, creating "the drama" and capturing the attention of the younger generation. He managed the transition by continuously investing the profits from his existing food businesses into the new concept.

4. Challenges They Faced: Scaling Too Fast & the Pandemic Impact

The journey to establishing one of India's leading dessert chains was not smooth.

• The Initial Scare (GEO Challenge): The first week's sale at the Kala Ghoda store was a mere ₹500. He overcame this by inviting friends and family to the shop, creating initial foot traffic, and relying on positive word-of-mouth.
• The Franchise Trap (Business Mistake): In a rush to chase numbers (reaching 65+ stores by 2019), Vikesh became heavily reliant on the franchise model. This led to a compromise on quality control and inconsistent customer experience.
• The COVID-19 Crisis: The pandemic was a massive blow. The company had to downsize from over 65 outlets to 43. Revenue dropped sharply from ₹16.5 crore (FY20) to ₹7 crore (FY21). His low moment was the fear of losing everything, forcing him to rebuild with a focus on company-owned, company-operated (COCO) stores for quality and stability.

5. The Results: From ₹700 to a Multi-Crore QSR Brand

The success of 99 Pancakes is a testament to perseverance and a deep understanding of the Indian consumer psychology.

The brand successfully captured a significant share of the Indian dessert QSR market, turning a niche European concept into a pan-India success story.

6. Life After: Scaling, Stability, and New Horizons

Today, Vikesh Shah is a respected figure in the Indian QSR industry.

• Where are they now? 99 Pancakes is in an aggressive expansion phase, targeting 200 outlets by December 2025, with a renewed focus on Tier 1 and Tier 2 cities like Bengaluru, Chennai, and the new entry point, Gurgaon.
• What are they working on? They are diversifying into the FMCG segment, with plans to launch pancake and waffle premixes to capture the home-consumption market. The focus has shifted from "chasing numbers" to a "slow-and-steady approach" that prioritises quality and sustainable growth.
• Freedom/Flexibility Gained: The transformation is from barely scraping by to heading a multi-crore, pan-India brand. He now directs a business with a clear vision, leveraging experience, and regrets only that he didn't secure the right systems for quality control earlier in the growth phase.

7. Key Lessons/Advice (Actionable Takeaways for Entrepreneurs)

Vikesh Shah’s Top 3 Tips for Aspiring Indian Entrepreneurs:

1. Master Your Craft: Deep, hands-on knowledge (like his two decades in baking) provides the conviction needed to launch a pioneering concept in a challenging market like India.
2. Indianise Global Ideas: Adapt the product to the local taste buds (e.g., pancakes as a chocolate-loaded dessert, not a breakfast staple) to ensure mass market acceptance and SEO visibility for related dessert searches.
3. Patience is the New Capital: Especially in the QSR and Indian retail market, success requires knowledge and patience. Rapid growth must be balanced with a commitment to quality and a strong location-based (GEO) strategy. “No one should chase money. Numbers and statistics are not as important as the happiness and satisfaction of running a business.”

Vikesh Shah proved that deep industry experience and a unique idea, even one as simple as a mini-pancake can disrupt the Indian food industry.

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