Specialty coffee chain abCoffee and innerwear maker Bummer secured early-stage funding, the companies said on Friday.
Homegrown coffee chain abCoffee has raised $3.4 million (Rs 28.1 crore) in a Series A funding round, led by Nexus Venture Partners. The round also saw participation from existing investor Tanglin Venture Partners.
The funding comes nearly six months after the brand raised $2 million in a seed funding round, which was led by Singapore and Bengaluru-based Tanglin Venture Partners along with participation from other VC players like 100X.VC, Panthera Peak, OTP Venture Partners and angel investors.
The funds raised will enable abCoffee to improve its supply chain and technology stack, according to its statement.
abCoffee was founded in 2022 by Abhijeet Anand, an alumnus of IIT Dhanbad. It offers a wide variety of brewed coffees at affordable prices sourced from the farms of Chikkamagaluru in Karnataka.
Bummer
Innerwear brand Bummer has raised $1.1 million (Rs 9.25 crore) in a pre-Series A funding round, led by Gruhas Collective Consumer Fund. The round also saw participation from existing investor Fluid Ventures.
The startup will use the funding to expand its presence across tier II and III cities in India as well as expand offline presence. It will also use the funding to hire talent, according to a statement.
Bummer, founded in 2020 by Sulay Lavsi, is an innerwear brand. The startup, which featured on the first season of Shark Tank India makes eco-conscious innerwear, made from BeechWood Trees' micromodal fiber.
"The funding from Gruhas Collective Consumer Fund and Fluid Ventures will help us in expanding with our managerial team,” said Lavsi, the founder and chief executive officer of Bummer.