[Funding alert] FMCG startup Svami raises $1M in Pre-Series A round led by Rukam Capital Trust
Svami, a Mumbai-based FMCG startup that sells non-alcoholic aerated beverages, has raised Rs 7.5 crore (about $1 million) in its Pre-Series A funding round led by Rukam Capital Trust and Niren Shah, Managing Director of Norwest Venture Partners India. Ashish Chand’s Family Office – 'Yukti Securities' also participated in the round.
Svami co-founders - Aneesh Bhasin, Sahil Jatana, Rahul Mehra
The startup is planning to use the fund to penetrate deeper into existing geographies and grow into newer cities in India, expand its current product line, increase production capacity, and hire senior professionals who will partner in growth and brand building, the company said in a statement.
Archana Jahagirdar, Managing Partner, Rukam Capital Trust, said, “The founders’ zeal and the product impressed us the most. With increased demand, bar menus now feature global and home-grown liquor brands that need premium mixers to go with them. We look forward to working with the founders to drive their next phase of growth”.
Sahil Jatana, Co-founder and CEO, Svami, said,
“We started Svami to create premium aerated beverages that did not exist in the country. Since the launch, we have seen massive product acceptance across retail and HoReCa (Hotel/Restaurant/Café), and are now capitalising on our first-mover advantage. The overall F&B ecosystem in India is seeing an evolution, consumers are a lot more discerning and restaurants want to match up to that”.
Speaking about the expansion, Sahil added that the company started its operations in Hong Kong this month and is eyeing other Asian markets like Singapore, Sri Lanka, and Thailand.
Svami boasts of having about 600 clients including Social, Taj, Nature Basket, Modern Bazaar, among others. The startup has also tied-up with local kiranas in Mumbai and 50 wine stores in Bengaluru.
In 2018, Svami had raised an angel round led by Singapore-based VC fund - RB Investments.
(Edited by Suman Singh)