abCoffee Secures $2 Million in Seed Funding to Expand Its Affordable Specialty Coffee Chain
- ByStartupStory | September 25, 2023
abCoffee, the affordable specialty coffee chain that has been disrupting India’s coffee scene, announced today that it has successfully raised $2 million in seed funding. The funding round was led by Tanglin Venture Partners and saw participation from 100X .VC, Panthera Peak, OTP Venture Partners, and several prominent angel investors.
abCoffee, founded in 2022 by Abhijeet Anand, has been on a mission to democratize specialty coffee by making it more accessible to the masses. The company offers a diverse selection of freshly brewed coffees at prices that won’t break the bank. These premium brews are sourced from leading farms in Chikmagalur and expertly roasted to suit the Indian palate.
“This investment will enable us to accelerate our growth and bring our unique coffee experience to more neighborhoods across India. In the coming 8-12 months, we’ll maintain the same momentum of growth, keeping people at the heart of everything we do and bringing abCoffee’s specialty coffees to new neighborhoods,” said Abhijeet Anand, founder and CEO of abCoffee.
abCoffee’s approach has struck a chord with investors and coffee enthusiasts alike. The company’s asset-light and capital-efficient model have set it apart in the competitive coffee chain market. With an initial focus on Mumbai and Delhi, abCoffee has rapidly expanded across numerous outlets and garnered significant traction.
“We believe abCoffee has struck the right balance, offering premium coffee at affordable prices. With its asset-light and capital-efficient approach, abCoffee is uniquely positioned to build a pan-India affordable coffee chain. The initial traction in Mumbai and Delhi across their numerous outlets has been phenomenal, and the next 8-12 months promise to be extremely exciting. We are delighted to back abCoffee,” stated Nikhil Bhandarkar, founder and MD of Panthera Peak Capital.
abCoffee’s ambitious plans include opening 10,000 outlets across India, further diversifying its beverage offerings, and expanding internationally to cater to different taste preferences. In December of the previous year, abCoffee secured $300,000 in funding from a group of angel investors. The company’s valuation before this round was $6 million, with reported revenue of Rs 52.5 lakhs in the fiscal year ending March 2022.
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