This funding round is a pivotal step in positioning the brand as a formidable $100 million company within the next 5 years
New Delhi: Ahmedabad-based innerwear brand Bummer has raised Rs 9.25 crore in a Pre-Series A1 funding round, a release by the company said on Monday.
The funding was spearheaded by the Gruhas Collective Consumer Fund. Further strengthening the support is the continued backing from Fluid Ventures, an established investor in Bummer since December 2022, the release added.
“We’re embarking on an elevating chapter for Bummer, and this Pre-Series A1 funding round marks a significant milestone in our journey. The support and leadership from Gruhas Collective Consumer Fund and Fluid Ventures fuel our vision of expanding with a skilled managerial team,” said Sulay Lavsi, founder and CEO of Bummer.
This funding round is a pivotal step in positioning the brand as a formidable $100 million company within the next 5 years. Expecting to generate 50% of revenues from key cities like Ahmedabad, Indore, Hyderabad, Chandigarh, Bhopal, and Jaipur, the focus is on amplifying brand awareness and expanding into tier 2, 3, and 4 cities across India.
The emphasis will also be on omnichannel brand presence through offline expansion, with 10,000+ touchpoints nationwide, including EBOs, MBOs, and LFSs, Bummer is focusing on sustainable growth to reach EBITDA breakeven within 12 months. It is actively seeking to recruit seasoned key management personnel to drive expansion into new channels, including offline retail.
The company also plans global expansion and sees Southeast Asia and the Middle East as potential global markets for the product. The brand will conduct smaller, intermittent pilots in the global market to gauge potential opportunities. Currently, its global expansion efforts will be conservative, with less than 5% of the budget allocated to these pilots, the release added.
Founded in 2020 by Sulay Lavsi, Bummer was featured on Shark Tank India – Season 1. According to the company’s LinkedIn profile, the brand aims to cater to over 200 million digital millennials.
