abCoffee Secures USD 3.4 Mn in Series A Led by Nexus Venture Partners and Tanglin Venture Partners The Mumbai-based startup plans to use the raised money to speed up its supply chain and technological infrastructure in order to provide cheaper, faster-to-market on-demand coffee drinks.
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Specialty coffee startup abCoffee has announced the raising of USD 3.4 million in Series A round led by Nexus Venture Partners, with participation from existing investor Tanglin Venture Partners.
In September of last year, it raised USD 2 million in its seed round led by Tanglin Venture.
The startup aims to deploy the raised funds to accelerate its supply chain and technology stack to bring on-demand coffee beverages at lower prices in a quicker time.
Abhijeet Anand, Founder and CEO of abCoffee, said, "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 optimization and continue to innovate new products for the masses."
Launched in 2022 by Abhijeet Anand, abCoffee offers a range of brewed coffees at affordable prices and provides all the traditional blends including Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee.
The startup claims to boast a customer loyalty rate of 61 percent, nearly double the industry average, reflecting its commitment to exceptional service with a turn around time (TAT) of 1.5 minutes.
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."
"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," added Ravi Venkatesh, Managing Partner at Tanglin Venture Partners.
