Shark Tank India Infuses INR 75 Lakh Into Bummer
The funds will be utilized to offer a wider variety of products and build a team
Bummer, an Indian comfort wear brand, has raised INR 75 lakh on Shark Tank India’s latest season. Judges of Shark Tank India panel, Aman Gupta – founder, Boat Electronics and NamitaThapar of Emcure Pharma, invested against a total equity of 7.5 per cent.
This big win for the home grown startup comes as the second round of funding for the brand. Recently it also bagged $180,000 funding from the Singapore-based BeeNext. The Bummer range of innerwear essentials is the result of two years of intense research to develop the softest fabric possible. They aim to disrupt the industry with a palette of colourful patterns and designs, said a statement.
“The funding and recognition from Shark Tank India’s veterans comes at an exciting time as we seek to expand our markets to embrace more millennials and strengthen our backend logistics and delivery capabilities. This validation of our venture in itself is a huge step forward for us. The funding will be used to offer a wider variety of products and further build our team. At Bummer, we are focussed on disrupting the innerwear space by offering sustainable, eco-friendly innerwear in bold colours and funky designs to millennials. Our products use 47 per cent less water in manufacturing, have 18 per cent reduced carbon footprint over cotton and save 359 hours of energy resources over cotton. As 67 per cent of our users are from the 18-34 age group, we foresee a stronger surge in demand from this segment going forward,” said Sulay Lavsi, founder of Bummer.
“We were impressed by the founder’s drive and vision to disrupt the millennial-focussed innerwear market. I am confident that with their high-quality offerings, Bummer is set to change the norms and soon, rule the market,” said Aman Gupta, founder of Boat Electronics.
Bummer is an Ahmedabad-based innerwear company, focussed on delivering eco-friendly, sustainable and high quality products. The company’s products are targeted at millennials and are made exclusively from micromodal fibres—the softest material—with each pair weighing less than 60 gm, added the statement.