Delhi-based Indulge Beverages Pvt Ltd, which makes and sells tea and coffee ‘capsules’ under the Bonhomia brand, has raised Rs 6.8 crore ($1 million) from a group of angel investors.
The company also received funding from Neeta Dempo Mirchandani of Kae Capital, who invested in her personal capacity, along with existing investors in this round, it said in a statement.
The company counts Kanwaljit Singh, co-founder and former senior managing director at Helion Venture Partners and the founder of Fireside Ventures; Ashok Dhingra, ex-director of strategic initiatives at SAB Miller; Shripad Nadkarni, former marketing head at Coca Cola India and currently director at MarketGate Consulting; and Salarpuria Group’s Apurva Salarpuria among its existing investors.
Sarvesh Shahra, business head (foods) at Ruchi Soya Industries; Anand Morzaria, CEO at Pennywise Solutions Pvt Ltd; Dubai-based angel investor Alok Rawat and family; Ramrod Advisors; Mumbai-based angel investor Gidwani family and INSEAD alumnus Nitesh Kripalani are its other existing investors.
It didn’t say if all of them invested in the latest round.
Last year, the startup had raised $2 million from the group led by Kanwaljit Singh.
The company said it will use the fresh money to expand its retail presence. At present, it is available in Delhi, Mumbai, Bangalore, Pune and Hyderabad.
Bonhomia offers coffee and tea variants mainly through retail outlets such as Foodhall, Nature’s Basket, Le Marche, Good Food, Needs and Modern Bazaar. It also sells its products through e-commerce platforms such as Amazon and Snapdeal.
“We decided to invest in Indulge Beverages keeping in mind the fast-growing industry segment (tea and coffee capsules),” said Rawat, the lead investor in the firm.
Indulge Beverages was founded by former merchant banker Kunal Bhagat along with former PepsiCo executive Tuhin Jain in January 2012. The company says it sources coffee from estates in south India and roasts, grounds and encapsulates them in less than 24 hours. Bonhomia was launched in March 2014 as a premium Indian origin tea and coffee capsules.
The company also caters to premium hotels in India such as The Oberoi Group and Ritz Carlton, as well as select Taj Group, Hyatt Group and Starwood properties, among others.
It had last year launched its own brewing machine called BOHO. It claims to have sold more than 500 units of BOHO so far.