Specialty coffee chain AbCoffee secured $2 M Seed funding from Tanglin Venture Partners
AbCoffee, a tech-enabled QSR chain that specializes in specialty coffee, has raised $2 million in a seed round led by Tanglin Venture Partners. The firm’s initial round also included participation from angel investors 100X.VC, Panthera Peak, OTP Venture Partners, and others.
According to a press release from abCoffee, the money will be used to improve its tech infrastructure, broaden its product line, and increase the accessibility of its affordable specialty coffee throughout India through its retail outlets.
Abhijeet Anand founded abCoffee in 2022, which provides a wide selection of freshly brewed coffees at reasonable prices. It offers all of the classic blends, including Irish Cold Coffee, Americano, Latte, Flat White, and Iced Latte.
To ensure the highest quality, abCoffee claims to buy its green beans directly from Chikkamagaluru farms. The company claims to have served over 28,000 cups of coffee in a period of eight months, with a client retention rate of 69% over the previous eight months.
With coffee as its main focus, abCoffee intends to launch 10,000 locations throughout India. As it works to diversify the beverage, it also has plans to expand internationally and adapt to different palates.
AbCoffee raised $300k from a number of angel investors in December of last year. Before this round, it was valued at $6 million, and its projected revenue for the fiscal year ending in March 2022 is Rs 52.5 lakhs.
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