With the participation of current investor Tanglin Venture Partners, specialty coffee QSR chain abCoffee has raised $3.4 million in its Series A round led by Nexus Venture Partners.
Prior to this round, the business raised $2 million in September of last year during a seed round headed by Tanglin Venture.
According to a press release, abCoffee plans to use the proceeds to expand its supply chain and technological stack in order to provide on-demand coffee beverages at reduced costs in a shorter amount of time.
abCoffee, which was founded in 2022 by Abhijeet Anand, provides all the classic blends, such as Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee, at reasonable prices.
With a 1.5-minute turn-around time (TAT), the company’s customer loyalty rate of 61% is almost twice as high as the industry average, demonstrating its dedication to providing outstanding service.
In a 20-month period, the brand recently opened 25 stores in Delhi and Mumbai. By the end of 2024, the brand hopes to have 150 locations.
Among its rivals are Blue Tokai, Slay Coffee, Rage Coffee, Third Wave Coffee, Sleepy Owl, and Seven Beans Co.
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