Belgian Waffle Co Franchise

Ways to Partner with Belgian Waffle Co

2 partner models published by the brand. Figures it doesn't publish are left blank.

What the press, courts and real franchisees or customers have said about Belgian Waffle Co — summarised by us, with every source linked.

• In the news· Dec 2025

  Vixar picks up about 45% at a ~₹1,700 Cr valuation

  Moneycontrol, citing ET, reported a largely secondary deal in which Vixar and co-investors bought close to 45%; it put FY25 revenue at about ₹450 Cr and EBITDA at about ₹62 Cr and described a hybrid company-owned and franchised model.

  Source: Moneycontrol
• In the news· Jul 2025

  Metro growth shifting to company-owned stores

  The MD said franchising would continue in Tier III and IV towns while new metro stores would mostly be company-owned; about 100–110 of 280 planned stores were to be company-owned.

  Source: Agro & Food Processing
• In the news· Feb 2026

  Founder: standalone outlets more profitable; 2021 shift towards company-owned stores

  In a trade interview the founder said standalone outlets are more profitable but franchising is easier to scale; the article said the brand began prioritising company-owned stores in major cities after the pandemic exposed brand-dilution problems with franchising.

  Source: The Restaurant Times
• Legal / regulatory· Jun 2026

  Court relief against a former franchisee

  The Bombay High Court found prima facie that a former franchisee kept using the brand's materials after its licence expired, and granted interim relief in the company's favour (Jun–Sep 2026).

  Source: Bombay High Court via Indian Kanoon

Key Terms at Belgian Waffle Co

The clauses that shape day-to-day running and your exit — read these before the fee.

Renewal

One franchise agreement placed before the Bombay High Court (2026) gave the franchisee a licence for two years, from 15 Feb 2023 to 14 Feb 2025. Terms for new agreements are not published.

Exit

Under that agreement the layout, trademarks, operations manual and marketing material stay the company's property (clause 13.1); the court found prima facie that the former franchisee kept using them after expiry and restrained it.

Other terms

That agreement sends disputes to arbitration (clause 25); the company sought ₹2.73 L in outstanding dues with 18% a year interest and ₹15 L in damages in the related court petition.

Legal & Contract Summary

Key contract terms at a glance — read before you sign.

Who Can Apply for Belgian Waffle Co

Conditions the brand sets for partners, and the licences the business needs.

• Location focus for franchisees: Mainly Tier III and IV towns; new metro outlets are mostly company-owned (MD, Jul 2025)Preferred
• Who runs the outlet: The application form asks whether the applicant, a hired manager or a relative will run it day to day, plus education, prior business ownership and annual income band (below ₹10 L / ₹10–25 L / above ₹25 L)Preferred

About the Brand

Belgian Waffle Co Outlet Network

Cities with Outlets

The franchisor's own company health — separate from what a single franchise outlet earns.

A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.

Company Health Check

What Belgian Waffle Co's franchisor company has filed with the registrar and the courts — the checks a lawyer would run before you sign.

Status with the registrar

Active

Last AGM

30 Sep 2024

Paid-up capital

₹1.2 Cr

Auditor

Rathi Rathi and Co.

Source: MCA data via Tracxn; Bombay High Court orders (Indian Kanoon) (checked Oct 2026)

How Belgian Waffle Co looks once the numbers are checked side by side.

• •Investment below the Food & Beverage medianMidpoint ₹14.5 L vs a category median of ₹24 L across brands on FranchiseChuno.
• ✓The franchisor company is profitableIts latest filed accounts show a net profit. That's the franchisor's money, not yours: a profitable franchisor doesn't mean its franchisees make money. Check real outlet numbers before you invest.
• ✓Brand operating for 11 yearsFounded in 2015. The brand doesn't state when franchising began.
• ✓Outlet claim matches its store locator812 outlets on its own store locator (4 Oct 2026 (all India; counted from the store-locator data on its website — 812 active entries across 30 states/UTs)), in line with the 800 it claims.

Ask Before You Sign

Questions tailored to what Belgian Waffle Co does and doesn't publish.

1. 1Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
2. 2Ask for the one-time franchise fee in writing, and whether any part is refundable.
3. 3Ask for the royalty and any marketing-fund fee, and how they're calculated (on sales or profit).
4. 4Ask for the agreement term, renewal fee and exit or transfer terms.
5. 5Ask whether you get an exclusive territory, and how large it is.
6. 6Have a lawyer review the franchise agreement before paying anything.
7. 7Visit 2–3 existing outlets and speak to their owners without the brand present.

What Belgian Waffle Co franchisees say

We haven't yet heard from enough Belgian Waffle Co franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.

Frequently Asked Questions