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Tech enabled grab-and-go specialty coffee company abCoffee has raised $3.4 million in its Series A funding round 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.
Founded in 2022 by Abhijeet Anand, the company claims to have 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 per cent, nearly double the industry average.
“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 optimisation and continue to innovate new products for the masses,” Abhijeet Anand, Founder & CEO of abCoffee, said.
Also read: AI start-up Cloodot secures ₹1 crore funding
In India, coffee market is expected to reach $2.30 billion by 2030, at a CAGR of 12.5 per cent. A notable trend within this sector is the rising demand for coffee beverages, where consumers seek unique, high-quality experiences and diverse flavour profiles.
This funding comes after the company secured a $2 million seed funding from Tanglin, 100X.VC, Panthera Peak, OTP Venture Partners and other angel investors in September last year.
“abCoffee’s commitment to make 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.” Suvir Sujan, Managing Director at Nexus Venture Partners, said.
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