Goli Vada Pav was founded by Venkatesh Iyer and Shivadas Menon. The chain started operations in early 2004 with a single ‘Quick service restaurant’. The initial investment of 40 lakh rupees was funded by Venkatesh Iyer, who had wound up his corporate advisory business. The investment had increased to 1 crore rupees by the time the business. The first outlet was set up in Kalyan, a suburban locality in Mumbai. The company raised $4.7 mn from venture fund Ventur East in 2011. A large-scale expansion of the outlets had to be abandoned due to the limited popularity of the franchise in Mumbai. At this point, Venkatesh Iyer received an offer from an acquaintance to set up an outlet in the city of Nasik in Maharasthra. Soon enough Goli Vada Pav was set up in over 40 cities with 150 outlets with a success rate of sale of 75,000-100,000 vada pavs per day.
Goli Vada Pav stores operate under the name of 'Goli Vada pav No.1' .
The chain operates in 61 cities across Maharashtra, Kolkata, Karnataka, Chhattisgarh, Tamil Nadu, Andhra Pradesh, Madhya Pradesh & Uttar Pradesh, today it operates nearly 300 stores.