Comments
D2C brand Sleepy Owl has raised $6.5 million in Series A funding from existing investors. While the round was led by Rukam Capital, DSG Consumer Partners also participated in the round.
Founded in 2016, the packaged coffee brand offers a product portfolio which includes Cold Brew Packs, Hot Brew Bags, Ready-To-Drink Cold Brew Bottles, Ground Coffee, Brew Box and a range of Merchandise.
“Sleepy Owl aims to solidify their core team, build a robust distribution network across India for increased demand of their brews, and firm up its marketing initiatives,” the company said in a statement. It added that it hopes to close with an ARR of ₹60 crore by March 2022.
Sleepy Owl Co-Founder, Ajai Thandi said, “The pandemic played the role of a catapult for us. It forced us to take a few steps back to aim at the target. We were agile and quick on problem-solving, and were able to get back on track with higher numbers. We plan to utilize the funds to go deeper into our existing retail markets across India and add as we grow.”
Rukam Capital invests in early-stage consumer products and services companies.
“With this investment, we are confident that Sleepy Owl will get the required impetus to further scale up its business and expand operations. The brand has a huge potential of being amongst the fastest growing formats within the coffee business category,” said Archana Jahagirdar, Rukam Capital’s Managing Partner.
The brand has a presence in over 1,700 outlets in Delhi NCR, Mumbai, Pune, Indore, Bhopal, Chandigarh, and Jammu amongst other cities, and has catered to over 60,000 customers. Their products are also available on the company’s website, Amazon India and BigBasket.
“Since our first investment in 2018, the founders have expanded their product portfolio from Cold Brew to Hot Brew bags, drip coffee formats, ready-to-drink formats, flavoured ground coffee, and have recently launched a subscription service. As it grows, Sleepy Owl is working towards making its products sustainable, reducing plastics and using paper and aluminum. They have stayed true to their mission to introduce more Indians to coffee.”, added Deepak I. Shahdadpuri, Managing Director DSG Consumer Partners.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.