Sleepy Owl Raises $6.5 Million In Series A Round
The funds will be used for team building, expanding distribution and marketing
Sleepy Owl, a Delhi-based D2C company in the ready-to-drink coffee space, has raised $6.5 million in Series A funding. The round was led by Rukam Capital, DSG Consumer Partners with Dexter Capital being the financial advisor.
Sleepy Owl aims to solidify its core team, build a robust distribution network and firm up its marketing initiatives.
“The pandemic forced us to take a few steps back to aim at our target. We were agile and quick on problem-solving and were able to get back on track with higher numbers. At Sleepy Owl, we are elated on receiving the latest round of funding. We plan to utilize the funds to go deeper into our existing retail markets across India,” said Ajai Thandi, co-founder of Sleepy Owl, in a statement.
Rukam Capital invests in early-stage consumer products and services companies that have exceptional growth prospects and exhibit the potential for substantial returns.
“We are thrilled to partner with Sleepy Owl Coffee and DSG Consumer Partners to strengthen the brand’s pan-India presence. The company has demonstrated a strong growth pattern since its launch in 2016. With this investment, we are confident that Sleepy Owl will get the required impetus to further scale up its business and expand operations. The brand has a huge potential of being amongst the fastest-growing formats within the coffee business category,” said Archana Jahagirdar, Rukam Capital’s managing partner.
Sleepy Owl Coffee has a presence in 1,700-plus outlets in Delhi NCR, Mumbai, Pune, Indore, Bhopal, Chandigarh and Jammu, among other cities. The brand has over 60,000 customers. Its online presence are with the company’s website, Amazon India and BigBasket, added the statement.
“Since our first investment in 2018, founders have expanded their product portfolio from cold brew to hot brew bags, drip coffee formats, ready-to-drink formats, flavoured ground coffee and have recently launched a subscription service. As it grows, Sleepy Owl is working towards making its products sustainable,” said Deepak I. Shahdadpuri, managing director DSG Consumer Partners.