The funding round was led by Nexus Venture Partners, with participation from existing investor Tanglin Venture Partners
Bengaluru: Mumbai-based tech-enabled speciality coffee quick service restaurant (QSR) chain AbCoffee has secured $3.4 million in a series A funding round led by Nexus Venture Partners, with participation from existing investor Tanglin Venture Partners, the company said in a press release on Friday.
The funds raised will enable AbCoffee to accelerate its supply chain and technology stack to bring on-demand coffee beverages at lower prices in a quicker time.
“We are thrilled to partner with Nexus Venture Partners and receive continued support from Tanglin Ventures in our mission to make speciality coffee accessible and enjoyable for everyone in India,” said Abhijeet Anand, founder of AbCoffee.
“We continue to remain extremely capital efficient, leverage supply chain optimization and continue to innovate new products for the masses,” he added.
AbCoffee was founded in 2022 by IIT Dhanbad graduate Abhijeet Anand.
It has achieved an average of 4.6 stars rating across customer ordering platforms and boasts a customer loyalty rate of 61%, nearly double the industry average.
“AbCoffee’s commitment to making speciality coffee accessible to the masses resonated strongly with us. 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.
The coffee house chain raised a seed funding of $2 million led by venture capital firm Tanglin Venture Partners in September 2023.
“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,” said Ravi Venkatesh, managing partner at Tanglin Venture Partners.
