abCoffee has raised $3.4 million in funding at the close of a Series A round led by Nexus Venture Partners and with participation from existing investor Tanglin Venture Partners, said the specialty coffee company on Friday.
The funding will enable abCoffee to expand its supply chain and improve technology to deliver on-demand coffee at lower prices quickly.
“We are thrilled to partner with Nexus Venture Partners and receive continued support from Tanglin Ventures in our mission to make specialty coffee accessible and enjoyable for everyone in India. We continue to remain extremely capital efficient, leverage supply chain optimisation and continue to innovate new products for the masses,” said Abhijeet Anand, founder and chief executive officer of abCoffee.
Anand, an alumnus of Indian Institute of Technology Dhanbad, founded the company in 2022. He has more than eight years of experience at Schlumberger, an oil and gas multinational.
Suvir Sujan, managing director at Nexus Venture Partners, said: “abCoffee’s commitment to making specialty coffee accessible to the masses resonated strongly with us. Their innovative tech model, coupled with their focus on high-quality, ethically sourced beans and efficient brewing methods, allows them to offer premium coffee experiences at surprisingly affordable prices. We believe this unique approach has the potential to disrupt the Indian coffee market and make premium coffee beverages a mainstream beverage enjoyed by everyone.”
Ravi Venkatesh, managing partner at Tanglin Venture Partners, said: “Over the past year, we’ve been privileged to witness how abCoffee has scaled and are excited to double-down in this funding round also.”
India’s coffee market is expected to be worth $2.30 billion by 2030, growing at a compound annual growth rate of 12.5 per cent. A trend in the market is the rising demand for high-quality and unique flavours, said abCoffee.
First Published: Mar 08 2024 | 2:34 PM IST
