abCoffee Raises $3.4M in Series A Round Led by Nexus
- ByStartupStory | March 8, 2024
In its Series A funding round, abCoffee, a specialty coffee Quick Service Restaurant (QSR) chain, secured $3.4 million, with Nexus Venture Partners leading the investment and participation from existing investor Tanglin Venture Partners. “The proceeds will be used to enable abCoffee to ramp up its supply chain and technology stack to bring on-demand coffee beverages at lower prices in quicker time,” stated abCoffee in a press release.
Before this round, abCoffee had raised $2 million in its seed round led by Tanglin Venture in September of the previous year. Founded in 2022 by Abhijeet Anand, abCoffee offers a diverse range of freshly brewed coffees at affordable prices, including traditional blends like Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee.
The company boasts an impressive customer loyalty rate of 61%, nearly double the industry average, reflecting its dedication to exceptional service. “Its competitors include Third Wave Coffee, Blue Tokai, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co., among others,” as mentioned in the press release.
abCoffee has recently expanded its footprint, opening 25 outlets across Mumbai and Delhi within a span of 20 months, with plans to reach 150 stores by the end of 2024. The brand’s rapid expansion highlights its ambition and potential for growth in the competitive coffee market.
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