Sleepy Owl Coffee Pvt Ltd, which owns and operates Sleepy Owl brand of cold coffee brew, has raised an undisclosed amount as growth capital in their second round of funding, led by Rukam Capital and AngelList India along with existing investor DSG Consumer Partners
The Delhi-based coffee startup will use the funds to expand operations, strengthen distribution and launch products. The total funding that Sleepy Owl has received till date is Rs 16 crore.
Founded in 2016 by Ajai Thandi, Ashwajeet Singh and Arman Sood , Sleepy Owl sells ready-to-drink cold brew coffees, brew boxes, brew packs and brew bags. The trio gave up their corporate jobs to pursue their shared dream of building their own venture. They were included in the coveted ‘Forbes 30 under 30 India’ for 2020. At present, Sleepy Owl has a presence in more than 1,000 outlets in Delhi and Mumbai, and has catered to 60,000 customers. Its products are also available on the company’s website and Amazon.
In 2018, Sleepy Owl had raised $500,000 (Rs 3.26 crore) in a seed round led by Deepak Shahdadpuri-led venture capital firm DSG Consumer Partners. The coffee brand has presence in about 1000 outlets in Delhi and Mumbai and retails online through its flagship website and Amazon.
Speaking on the funding, Sleepy Owl Co- Founder, Ajai Thandi said, “The coffee lovers’ landscape has evolved across the globe and the cold brew coffee concept has gradually seeped into the Indian markets as well. Being backed by DSG Consumer Partners in 2018, made it much easier for us to establish and grow our brand. We are elated on receiving the latest round of funding as it reflects investors’ faith in our business model and growth potential in the Indian market. We plan to utilise the funds to launch new products and go deeper in our existing retail markets Delhi and Mumbai.”
Commenting on the investment Rukam Capital’s Managing Partner Archana Jahagirdar stated, “The startup has demonstrated a strong growth pattern since their launch in 2016. With this investment, we are confident that Sleepy Owl will get the required impetus to further scale up their business and expand operations. The brand has a huge potential of being amongst the fastest growing formats within the coffee business category.”
DSG Consumer Partners, a Singapore-headquartered investment firm, has earlier backed brands such as Sula Wines, Raw Pressery, Burger King India, Cleartrip and Chai Point. Rukam Capital, a New-Delhi-based venture capital firm, invests in early stage consumer products and services companies.
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