D2C brand Bummer raised Rs 9.25 Cr from Nikhil Kamath-backed Gruhas Collective
Bummer, the well-known direct-to-consumer (D2C) underwear brand from Shark Tank, has raised Rs 9.25 crore with the help of Fluid Ventures Fund and Gruhas Collective Consumer Fund.
The regulatory filing obtained from the RoC reveals that Bummer’s board has approved a special resolution to issue 2,16,121 pre-series A1 CCPS at an issue price of Rs 428 each, raising Rs 9.25 crore.
In the latest round, Gruhas Collective Consumer Fund contributed Rs 8 crore, and Fluid Ventures Fund contributed Rs 1.25 crore. Together with Nikhil Kamath, Abhijeet Pai founded the venture capital firm Gruhas.
As per the filings, the company plans to utilize the proceeds to expand and develop its categories.
Bummer is a 2019-founded company that offers innerwear and comfort wear for men and women. The company states that the manufacturing of its products uses 47% less water and leaves an 18% smaller carbon footprint.
Gruhas emerged as the biggest external stakeholder with 17.3% after the new proceeds, trailed by Beenext Asia, Fluid Ventures, and Thapar Vision LLP. Sulay Lavsi, the company’s founder and CEO, owns 45.97% of the business along with his family.
The company is estimated by the media to be worth approximately Rs 46.5 crore, or $5.6 million, after allocation.
Aman Gupta, co-founder and CMO of boAt, and Namita Thapar, CEO of Emcure Pharmaceuticals, led Shark Tank India, where Bummer raised Rs 75 lakh in addition to the 180K from Singapore’s Beenext.
Bummer’s operating revenue tripled to Rs 7.83 crore in the previous fiscal year, which concluded in March 2023, but the company’s losses increased by 2.8 times to Rs 2.94 crore during that same period.
