Mumbai Angels Network leads bridge funding in beverage firm Svami

By Narinder Kapur

  • 28 Oct 2020
Credit: 123RF.com

Foxtrot Beverages Pvt Ltd, which operates non-alcoholic beverage maker Svami, has raised Rs 6.5 crore (about $878,150) in a bridge funding round led by Mumbai Angels Network.

Other participants in this exercise include existing investors such as Rukam Capital Trust, Norwest Venture Partners managing director Niten Shah, and Yukti Securities, the family office of Ashish Chand.

It comes 11 months after Mumbai-based Svami raised Rs 7.5 crore (around $1 million) in its pre-Series A round of funding from a mix of institutional and individual investors. These included all the above-mentioned except Mumbai Angels Network.

The company was set up by Sahil Jatana, Rahul Mehra and Aneesh Bhasin. It manufactures both aerated drinks and tonic water, with its product portfolio being available at select retail outlets, wine shops, restaurants, and bars.

In a statement, the brand said it will use the capital from this bridge round to launch a ready-to-drink product line as well as further penetrate existing geographies and move into newer cities.

“The non-alcoholic beverage is relatively an uncovered space in India which allows companies to create innovation opportunities. Health-conscious consumers are changing the narrative of this segment and companies have to adjust and accelerate their strategies in this fast-changing landscape,” Mumbai Angels Network co-promoter and chief executive officer Nandini Mansinghka said.

Svami says that, prior to the outbreak of the coronavirus pandemic in India, 70% of its revenues were coming from hotels, restaurants and cafes, with the remaining 30% from retail. It now claims to have achieved pre-Covid-19 revenues through only the retail channel.

In August 2018, the startup raised an undisclosed sum in angel funding from Singapore-based RB Investments and others.

Mumbai Angels Network

The investment platform, established in 2006, says it has over 400 members across chapters in regions including Delhi, Bengaluru and Kolkata. It has a portfolio of more than 140 companies with over Rs 150 crore in investments and says it has scored over 45 exits.

It has also been quite active with respect to making new bets in recent months. Last month, the platform invested in on-demand transportation platform Trukky Logistics Services Pvt. Ltd.

In August, it took part in a seed funding round in DaveAI, an artificial intelligence-based sales augmentation platform.

In July, the platform committed funding to Edhusk, an education-technology startup that focuses on a hybrid approach for students looking for tutors. 

Also that month, the network announced a $1 million (around Rs 7.5 crore) investment in Big Bang Boom Solutions Pvt Ltd, which operates a defence-technology company.