Speciality coffee company Abcoffee raises $2 million in funding from Tanglin Venture Partners, others
Abcoffee has secured $2 million in a seed funding round led by venture capital firm Tanglin Venture Partners. The round also witnessed participation by 100x.vc, Panthera Peak and OTP Venture Partners, in addition to several other angel investors.
The Mumbai-based company said it aims to deploy the funds raised to enhance its tech stack, expand its product range, and increase accessibility to its affordable speciality coffee through its retail ‘grab-and-go’ outlets.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Digital Marketing and AnalyticsVisitIndian School of BusinessISB Applied Business AnalyticsVisitNorthwestern UniversityKellogg Post Graduate Certificate in Digital MarketingVisit“There is a lack of quality coffee at affordable pricing for the masses, which is pushing people away. We will be using this fund to expand across India, and making quality coffee accessible across the country,” Abhijeet Anand, founder and CEO of Abcoffee, told ET in an interaction.
Elaborating on the company's plans, Anand said that Abcoffee is adding to its range of products, including food items, along with the coffee menu.
Abcoffee currently has 10 outlets in Mumbai and Delhi, and plans to inaugurate two more in Mumbai by the end of this month. Anand emphasised that the company's goal is to establish 100 outlets within the next 12 months.
The company claims that it boasts a robust customer retention rate of 61%. ET, however, could not verify that claim.
Prior to this funding round, Abcoffee had raised $300,000 in a pre-seed funding round held in December 2022, led by 100x.vc and supported
