99 Pancakes: How Vikesh Shah Built a QSR Empire from a ₹700 Bakery Salary

January 3, 2026 12 min read

In the high-energy world of Indian Quick Service Restaurants (QSR), few stories are as resilient as that of Vikesh Shah. Starting his career at 16 with a salary of just ₹700 in a local Mumbai bakery, Shah didn't choose entrepreneurship—it chose him when the bakery abruptly shut down. Today, as the Founder of 99 Pancakes, he has introduced a new dessert category to India, scaling to 45+ outlets across 14 cities and selling over a million pancakes to date.

Shah's journey is a masterclass in market intuition and grassroots persistence. From introducing chocolate fountains and Molecular Gastronomy to India in 2005 to surviving the twin shocks of demonetization and COVID-19, his path has been a "roller coaster" built on organic, brick-by-brick growth. By identifying the aspirational values of the Instagram generation and focusing on a simple "Eye, Taste, Pocket" philosophy, 99 Pancakes has evolved from a 150-sq-ft kiosk into a national dessert powerhouse eyeing a 200-store expansion by 2025.

The "Eye, Taste, Pocket" Rule

Vikesh Shah believes any successful food product must win on three fronts:

The Eye: It must look beautiful enough for an Instagram post.
The Taste: It must satisfy the Indian palate's unique preference for indulgent desserts.
The Pocket: It must be priced affordably (most products start at ₹99).

The 1999 Hustle: From Bakery Boy to B2B Leader

Vikesh Shah admits he was a "weak student" who turned to work early out of financial necessity. At 16, he was a cake shop assistant; by 22, he had worked his way up to General Manager. When the business folded, his bosses were kind enough to let him take the equipment on credit. This led to his first venture in 1999: a B2B bakery and catering supply business.

For nearly two decades, Shah was the "silent innovator" behind Mumbai's biggest weddings and corporate events. He was among the first to bring modern dessert concepts to the Indian catering market. But in 2016, demonetization decimated the wholesale and wedding industries. "Our sales were literally 20% of what they used to be," Shah reflects. It was this crisis that forced him to think of retail, leading to the birth of 99 Pancakes in Kala Ghoda, Mumbai, in 2017.

"Entrepreneurship is a word I've only known for the last three or four years. Before that, I only understood: Sales minus Expense equals Profit. I built everything organically, thinking brick-by-brick."

Why Pancakes? Redefining a Global Breakfast

Internationally, pancakes are a breakfast staple served with maple syrup. Shah realized that for the Indian market, they needed to be redefined as a **decadent dessert**. By serving "Holland-style" mini pancakes with Nutella, chocolates, and diverse toppings, he created a product that was both familiar (like a Dosa or Malpua) and excitingly new.

The initial days were brutal. "When we opened, we were doing sales of ₹500 to ₹1,000 a day for a month," Shah says. "The rent was ₹1 lakh—I was terrified." But through sampling and local invites, the brand caught fire. People began asking for "99 Pancakes" even at other restaurants, proving that Shah had successfully branded a generic food item.

The 99 Pancakes Supply Chain

Premix Model: All material is supplied from a central Mumbai warehouse to ensure consistency.
Simple Training: Store staff only need to add milk to the premix to create fluffy pancakes.
Hub-and-Spoke: City-level hubs in Hyderabad, Bangalore, and Delhi manage local last-mile supply.
Hybrid Model: A mix of 25 company-owned stores and 20+ franchise outlets.

Surviving the Pandemic: The Pivot to Experience

When COVID-19 hit, Shah used the downtime to rerun his entire business model. He realized that the 150-sq-ft kiosk model lacked the "Ambience" customers craved for celebrations. He pivoted to opening 600-700 sq-ft Experience Stores and expanded the menu to include cakes, pizzas, and coffees.

This period also marked his transition from a purely bootstrapped, family-run business to a funded startup. By bringing in private placement investors after COVID, 99 Pancakes gained the capital to eye Tier-2 cities where rentals are lower but aspirational values are higher. "In Tier-2 cities, people don't see the money; they want the lifestyle they see on social media," Shah notes.

99 Pancakes: Impact at Scale (Jan 2026)

Order Volume: Over 60,000 orders every month.
Total Sales: Over 1 Million pancakes sold to date.
Network: 45 stores across 14 Indian cities.
Expansion: Goal of 200 outlets by December 2025.
Product Range: From mini pancakes to ready-to-eat waffle cookies and brownie mixes.

Founder's Wisdom: The Value of People

Reflecting on 25 years in the food business, Vikesh Shah emphasizes that no single person can build a large business. He credits his "strength" to team members who have been with him for 20 years. He warns young entrepreneurs against the trap of chasing "merry numbers" without a solid plan.

Vikesh's Guide for Aspiring Food Founders

Trust Your Team: Don't just cut costs on salaries. Value your people and they will stand strong with you during bad times like COVID.

Think Big, Step-by-Step: Don't just jump to a 100-crore goal. Make a business plan, organize your supply chain, and wait for the right opportunity.

Stay Positive in Losses: You must be ready for losses. I have always grown the most during my worst financial crunches.

The Future: From Mumbai to Bharat

As 99 Pancakes looks toward 2025, the focus is on Master Franchising and the "Ready-to-Eat" segment. By launching pancake mixes and brownie breakfasts, Shah is moving from the cafe table to the Indian kitchen shelf. His journey from a ₹700 salary to a national brand is a testament to the fact that in the world of QSR, patience and consistency are the ultimate ingredients.

In the competitive dessert market, Vikesh Shah and 99 Pancakes are proving that you don't need a medical or engineering degree to build a legacy. As he puts it, "I was a zero, and till here I've reached... failures are part and parcel of the journey."

About the Guest

Vikesh Shah is the Founder and CEO of 99 Pancakes. A veteran of the Indian food and dessert industry with over 25 years of experience, Vikesh started his journey as a bakery assistant at the age of 16. He pioneered concepts like chocolate fountains and Molecular Gastronomy in the Indian catering scene before launching 99 Pancakes in 2017. He is a recognized leader in the QSR space, known for his expertise in supply chain management, franchising, and consumer behavior. He is passionate about mentoring young entrepreneurs and building "Brand India" in the global dessert landscape.

99 Pancakes is India's premier QSR chain specializing in mini pancakes and innovative desserts. Headquartered in Mumbai, the brand operates 45+ stores across 14 cities, offering a unique blend of global concepts and local tastes. Known for its iconic Holland-style pancakes and decadent toppings, 99 Pancakes is committed to providing an aspirational cafe experience at an affordable price point for the modern Indian consumer.