Innerwear Brand Bummer Raises ₹9.25 Crore in Pre-Series A1 Funding Round
- ByStartupStory | March 9, 2024
Innerwear company Bummer has successfully secured ₹9.25 crores in a Pre-Series A1 funding round, led by Gruhas Collective Consumer Fund in one of their initial investments as a fund. This funding round further solidifies support from Fluid Ventures, a steadfast investor in Bummer since December 2022.
Emphasizing the strategic importance of this funding, Bummer aims to position itself as a $100 million company within the next 5 years. The focus is on generating 50 per cent of revenues from key cities such as Ahmedabad, Indore, Hyderabad, Chandigarh, Bhopal, and Jaipur, with a keen eye on amplifying brand awareness and expanding into Tier 2, 3, and 4 cities across India.
Sulay Lavsi, the Founder and CEO of Bummer, expressed gratitude, stating, “The support and leadership from Gruhas Collective Consumer Fund and Fluid Ventures help fuel our vision of expanding with a skilled managerial team. In an industry marked by minimal growth and dominated by a few major players for decades, we see ourselves as a disruptor of this category. Together, we are committed to propelling the brand’s growth with skilled teams, a strong trustful brand image, and we’re set to revolutionize this stagnant category, elevating its fashion appeal along with sustainability.”
While Bummer’s immediate focus is on India for the next 24 months, the visionary approach extends beyond borders. The brand envisions South-East Asia and the Middle East as potential global markets for its product. Bummer plans to conduct smaller, intermittent pilots in the global market to assess potential opportunities. Currently, its global expansion efforts will be conservative, with less than 5 per cent of the budget allocated to these pilots.
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