Wednesday, June 19, 2024
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abCoffee Brews Up $3.4 Million USD in Series A Funding Led by Nexus Venture Partners, Tanglin reinvests

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abCoffee, India’s first tech enabled grab-and-go specialty coffee company announced the successful closing of its Series A funding round, securing $3.4 million USD. The round was led by Nexus Venture Partners, with participation from existing investor Tanglin Venture Partners.

The funds raised will enable abCoffee to accelerate its supply chain and technology stack to bring on-demand coffee beverages at lower prices in quicker time.

abCoffee has established itself as the highest rated coffee company with an average of 4.6 stars rating across customer ordering platforms. The company boasts an impressive customer loyalty rate of 61%, nearly double the industry average, reflecting its commitment to exceptional service with TAT of 1.5 mins.

abCoffee was founded in 2022 by Abhijeet Anand, an alumnus of IIT Dhanbad with over eight years of experience at Schlumberger, a leading oil and gas multinational.  He has a strong entrepreneurial spirit and deep understanding of different aspects of business. abCoffee was born from a vision to bring specialty coffee to masses. 

“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,” said Abhijeet Anand, Founder & CEO of abCoffee.

“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,” said Suvir Sujan, Managing Director at Nexus Venture Partners.

Ravi Venkatesh, Managing Partner at Tanglin Venture Partners added, “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.”

Coffee remains a global beverage giant and in India, the coffee market is expected to reach $2.30 billion by 2030, at a CAGR of 12.5%. A notable trend within this sector is the rising demand for coffee beverages, where consumers seek unique, high-quality experiences and diverse flavor profiles. abCoffee is uniquely positioned to capitalize on this demand by offering premium specialty coffee through its convenient, efficient and innovative grab and go outlets. 

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