Sleepy Owl said on Monday it had raised $ 6.5 million (around Rs 48.3 crore) in funding, led by existing investor Rukam Capital.
The Series A funding raised by Delhi-based direct to consumer (D2C), which operates in the ready-to-drink coffee business, also saw the participation of existing investor DSG Consumer Partners and others, according to a communicated.
Sleepy Owl aims to consolidate its core team, build a strong distribution network across India for increased demand for their beers and strengthen its marketing initiatives, he added.
The company raised $ 8.5 million in total.
Ajai Thandi, co-founder of Sleepy Owl, said the company plans to use the funds to deepen existing retail markets across India.
The pandemic has acted as a catapult for the firm. This forced the management to take a few steps back to aim for the target. The company was nimble and quick at problem solving and was able to get back on track with higher numbers. The funding reflects investor confidence in the business model and the company’s growth potential in the Indian market, he added.
Founded in 2016 by Ajai Thandi, Arman Sood and Ashwajeet Singh, Sleepy Owl’s product portfolio includes cold brew packs, hot brew bags, ready-to-drink cold brew bottles, ground coffee, a infusion box and goods. The company aims to close with an ARR (Annual Income Rate) of Rs 60 crore by March 2022.
In another development, Zvolv, an enterprise SaaS platform, has raised $ 1.5 million (roughly Rs 11.1 crore) in funding, led by JSW Ventures.
The cycle also saw the participation of Riso Capital, a venture capital fund based in Silicon Valley, according to a statement.
Zvolv plans to use the funds to expand its customer base globally, drive rapid adoption in an increasingly accessible world wherever you are, as well as double the platform’s AI / ML capacity building. shape, he added.
Hardik Gandhi, co-founder and CEO of Zvolv, said more companies are turning to no-code, low-code development platforms to dramatically increase the speed of application delivery. With the growing demand for custom applications and data-centric solutions, sales and IT teams within enterprises are increasingly turning to Zvolv.
Zvolv is a smart no-code / low-code platform for business process automation.
Its platform helps companies in the retail / CPG, BFSI (banking, financial services and insurance), and engineering and construction industries to create workflows and quickly automate their business processes. end to end.
(With PTI inputs)