Indulge Beverages, Owner and distributor premium tea and coffee brand Bonhomia, raises $500,000 (Rs 3.3 crore) in a bridge funding round. Funding round was led by existing backers (Fireside Ventures and real estate group scion Apurv Salarpuria of Salarpuria Group), Valpro Capital and an unnamed early-stage investor.
In April 2015 company raised $2-million funding, used for marketing strategy as well as developing new blends of beverages. Company executives confirmed that the startup was also in advanced discussions with potential strategic investors for a deal that could result in the latter picking up a majority stake in Indulge Beverages. The valuation that the founders were seeking for the potential investment was kept undisclosed.
“Large multinationals see the potential in our products and it’s great to know that with each investment round we are only moving closer to our target,” said Kunal Bhagat, chief executive of Indulge Beverages.
Under the Bonhomia brand, Indulge Beverages develops and markets a range of premium coffee, tea pods and capsules and coffee machines. Started four years ago, company caters to the segments of retail and institutions. Some of the customers are- Oberoi Group of hotels, Ritz Carlton and multiple Hyatt hotels. Bonhomia also deals through Amazon and Snapdeal as well as through retail chains Croma, Godrej Nature’s Basket and Spencer’s Retail etc. making it available across 120 stores all over the country.
Launched in January 2012 by exmerchant banker Kunal Bhagat and former PepsiCo executive Tuhin Jain, revenue of about Rs 2 crore was reported by Indulge beverages for the fiscal year ending at March 31, 2016. Targets are to reach revenue of Rs 10 crore- Rs 15 crore for this financial year. Limited to four cities in 2015, firm plans to move to 20 cities until November 2016.
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