Beanly Beverages Private Limited, a coffee brand, said it has raised an undisclosed sum in seed funding from Dr. Annurag Batra, Chairman at BW Businessworld and exchange4Media Group.
Founded by Rahul Jain and Samayesh Khanna, the beverage startup is looking to ramp up manufacturing, operations and retail presence in digital and all retail formats with this investment and is likely to raise more capital in the first quarter of 2023 for its scale.
“We have white labelled our products for several coffee players over the last 3 years and watched the freshly brewed category develop immensely” the founders said,” Jain and Khanna said in a joint statement.
Coffee-focused startups have started gaining traction in Indian markets amid growing consumption. India’s coffee market has seen the emergence of several direct-to-consumer (D2C) brands even as large players such as Starbucks and Cafe Coffee Day continue to dominate the market
In September, direct-to-consumer (D2C) startup Toffee Coffee Roasters raised seed funding of â¹1 crore from the Indian Angel Network (IAN). The funding round was led by IAN Lead Investors Hari Balasubramanian, Uday Chatterjee and Rajeev Sarda.
VCCircle reported Delhi-based Blue Tokai Coffee Roasters is in talks with several private investors to raise $12- $15 million (â¹97 crore-â¹121 crore) in a fresh round of equity funding.
The space has seen a handful of deals of late. Slay Coffee is backed by early-stage consumer-focused venture capital investors Fireside Ventures and Alteria Capital, while emerging brand Rage Coffee is backed by Sixth Sense Ventures.