Toffee Coffee Roasters Raises INR 1 Crore From IAN

The fund raised will be utilized to strengthen the product portfolio and grow the topline ten times in the coming months

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Toffee Coffee Roasters, a specialty coffee startup, has raised INR 1 crore in a Seed funding round led by Indian Angel Network's leading investors Hari Balasubramanian, Uday Chatterjee ad Rajeev Sarda. The fund raised will be utilized to strengthen the product portfolio and grow the topline ten times in the coming months.

Company handout

"Toffee Coffee Roasters was established to make great coffee blends accessible to everyone. With IAN backing us up, we intend to deepen the focus o our existing product categories. We are also looking to expand our team and have already started hiring across multiple roles. However, we believe in lean times, so we plan to get the best talent on board to solve the challenges in the sector," said Nandini Shrivastava, co-founder, Toffee Coffee Roasters.

Toffee Coffee Roasters has served over 25,000 customers since it pivoted the business online. Over 80 per cent of the orders are placed on its website and it had 40 per cent repeat customers, claimed by the startup in a statement.

"The coffee industry in India is growing, and we are witnessing the emergence of a new segment of consumers who are extremely taste conscious and are looking for speciality coffee with innovative blends. We firmly believe that new-age brands like Toffee Coffee Roasters are well positioned to garner sizeable share of this growing demand. We, at IAN, are excited to be a part of this journey, and believe that the team has all the capabilities required to create a global consumer brand in coffee from India," said Rajeev Sarda, Investor, IAN.

As per reports, the Indian instant coffee market is estimated at &0.7 billion and is expected to grow at a CAGR of 13 per cent.