Delhi-based Indulge Beverages Pvt Ltd, which makes and sells tea and coffee 'capsules' under the Bonhomia brand, has raised an undisclosed amount in a bridge round of funding from a mix of existing and new investors, it said in a statement.
Among the existing investors, Kanwaljit Singh, founder of seed-stage investment firm Fireside Ventures, has participated in this round. Investment advisory firm ValPro Capital also participated in the round.
The investors who had participated in the company’s earlier fundraisings include 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.
“Bonhomia has carved out a niche brand in the single serve beverage segment and is set to capitalise on the aspirational consumption segment in India,” said Anshuman Khanna, director, ValPro Capital.
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.
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 tea and coffee capsules brand.
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.
Earlier this year, the company, which also sells its own brewing machine called BOHO, had raised $1 million from a group of angel investors. Last year, the startup had raised $2 million from the group led by Kanwaljit Singh.
Over the past decade, the appeal for coffee has grown across India, particularly in urban areas. Factors such as globalisation, a growing middle class population, rising disposable incomes and changing lifestyle have contributed to the increase in coffee consumption in the country.
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