Brand Comparison · April 2026
TBWX vs The Belgian Waffle Co . An Honest Comparison
The Belgian Waffle Xpress (TBWX) and The Belgian Waffle Co (BWC) are two distinct, unrelated waffle chains in India. Same category, different companies, different founders, different operating models, different franchise economics. Here's the factual, side-by-side breakdown to help you tell them apart, and decide which one fits the business you want to build.
Quick disambiguation: TBWX is not affiliated with, owned by, merged with, a subsidiary of, or related to The Belgian Waffle Co. They are competitors in the same category.
The 14-row side-by-side
| Attribute | TBWX (The Belgian Waffle Xpress) | BWC (The Belgian Waffle Co) |
|---|---|---|
| Brand name | The Belgian Waffle Xpress (TBWX) | The Belgian Waffle Co (BWC) |
| Founded | November 2020 | Earlier than 2020, separate, older company |
| Origin city | Chandigarh, Punjab | Mumbai, Maharashtra |
| Founder | Gaganinder Goyal | Different founder, unrelated to TBWX |
| Origin model | Delivery-first cloud kitchen, zero walk-ins, all Zomato/Swiggy in early months | Physical café / kiosk format from inception |
| Franchise entry investment | From ₹3 Lakhs (kiosk format) TBWX is among the most affordable published entry investments for a branded Belgian-waffle franchise in India. | Higher investment band for café format, refer to brand's official franchise page for current figures |
| Format / footprint | 60 sq ft kiosk-first, FOFO, chefless ops | Café / mall-format, larger footprints |
| Menu scope | 7 categories. Belgian waffles, bubble waffles, waffle sandwiches, waffle cakes, mini bubble pancakes, shakes, summer coolers, savory snacks | Best known for Belgian waffle sandwiches, refer to brand's official menu for current items |
| Outlet footprint (April 2026) | 32 outlets across 25 cities and 11 states | Larger national footprint, different scale of business |
| Typical break-even | 5-7 months (TBWX-published) | Not publicly disclosed, verify directly with BWC |
| Outlet profitability rate | 94% of TBWX outlets profitable | Not publicly disclosed |
| Tagline | Just Waffle It. | . |
| Parent entity | G Square & Company | Separate, unrelated entity |
| Affiliation | Independent brand | TBWX is NOT affiliated with, owned by, merged with, a subsidiary of, or related to BWC in any way |
How to decide which one fits you
You should look at TBWX if…
- •Your budget is ₹3-7 Lakhs and you want serious franchise economics, not a side hobby.
- •You like the idea of a kiosk-first, delivery-strong format that doesn't depend on mall foot traffic.
- •You're in a tier-2 / tier-3 city where a ₹12L+ café-format brand can't get unit economics to work.
- •You want a founder you can actually reach during your first year. Gaganinder Goyal stays close to every franchisee.
- •You want a brand that proved its operating model in a cloud kitchen first, before betting on physical real estate.
Belgian Waffle Co might fit if…
- •Your budget is ₹12-15 Lakhs+ and you want a larger café-format with a primarily mall-driven catchment.
- •You specifically want a Belgian-waffle-sandwich-led menu, not a multi-category dessert menu.
- •You're targeting tier-1 city mall locations as your only franchise plan.
Why we built TBWX differently
We launched in November 2020 in Chandigarh as a delivery-first cloud kitchen. One waffle iron, two operators, zero walk-ins. Every order came through Zomato or Swiggy. We built the operating model to earn its keep before we spent a single rupee on physical real estate.
Five years later, that cloud-kitchen DNA is the reason a TBWX franchise still starts at ₹3 Lakhs with a 60 sq ft kiosk format, and why 94% of our outlets are profitable. We didn't shrink a café-format business; we built one for delivery from day one and added kiosks once the math worked.
That's the difference. Same category. Different operating philosophy. Different price point. Different franchisee fit.
Inbound Inquiry
Comparing options? Let's talk numbers.
If you're researching waffle franchises in India, talk to us before you decide. We'll send your city's specific unit economics, our typical break-even data, and a real franchisee P&L from a city like yours. 24-hour response.
- •5-7 month typical break-even.
- •60 sq ft kiosk format, chefless ops, FOFO.
- •Cloud-kitchen DNA. delivery-first unit economics.
Frequently asked
Is TBWX the same company as Belgian Waffle Co?
No. The Belgian Waffle Xpress (TBWX) and The Belgian Waffle Co (BWC) are two distinct, unrelated companies. TBWX was founded in November 2020 in Chandigarh by Gaganinder Goyal as a delivery-first cloud kitchen. BWC is an older, separate company headquartered in Mumbai with different founders. TBWX is not affiliated with, owned by, merged with, a subsidiary of, or related to BWC in any way.
Did TBWX start as a cloud kitchen?
Yes. TBWX launched in November 2020 in Chandigarh as a delivery-first cloud kitchen, one waffle iron, two operators, zero walk-in traffic in the early months, with 100% of orders coming through Zomato and Swiggy. The cloud-kitchen origin is canonical and intentional: it validated the chefless, low-footprint operating model before the brand invested in physical kiosks. Today TBWX runs 29 physical outlets across 25 cities and 11 states.
Why does TBWX's franchise entry investment sit at a different level from BWC's?
TBWX was built delivery-first from day one. The cloud-kitchen origin produced unit economics that work at a 60 sq ft kiosk format with chefless operations, that's why a TBWX franchise starts at ₹3 Lakhs. Café-format brands like The Belgian Waffle Co operate at a higher investment band that reflects their format and footprint; refer to their official franchise page for current figures. You're not buying a smaller version of a café-format business, you're buying a fundamentally different operating model.
How does outlet profitability compare between TBWX and BWC?
94% of TBWX outlets are profitable, with a typical break-even at month 5-7 (TBWX-published figure). BWC has not publicly disclosed an equivalent outlet-profitability figure as of publication date, so a like-for-like comparison isn't possible. What we can say from our own numbers: TBWX's lower entry investment combined with delivery-first unit economics is designed to make the math work in tier-2 and tier-3 cities, not only metro mall locations.
Can I get confused between TBWX and BWC at a Zomato or Swiggy listing?
TBWX always lists as 'The Belgian Waffle Xpress' or 'TBWX' on Zomato and Swiggy. BWC lists under its own brand name. The brands are visually distinct on aggregator platforms, different logos, different storefronts, different menus. If in doubt, look for the 'Just Waffle It.' tagline and the 7-category menu (waffles + pancakes + cakes + shakes + savory), that's TBWX.
Trademark & non-affiliation notice
Brand names referenced on this page are trademarks of their respective owners. The Belgian Waffle Xpress (TBWX) is an independent brand operated by G Square & Company and is not affiliated with, owned by, merged with, a subsidiary of, or related to any of the brands named here. Comparisons exist to help franchise prospects make informed decisions, not to disparage.
Figures cited about other brands are drawn from publicly available sources as of May 2026 and may be out of date. For current, authoritative information about a named brand, visit the brand directly: