[Funding alert] Coffee startup Sleepy Owl raises series A round led by Rukam Capital
Delhi-based coffee startup Sleepy Owl raised an undisclosed amount in its Series A round of funding, led by Rukam Capital. AngelList India with participation from existing investor DSG Consumer Partners. After the current round of funding, the startup's total fund stands at Rs 16 crore.
The brand will use the proceeds from this funding to expand operations, strengthen distribution, and launch new products.
Speaking on the funding, Sleepy Owl Co- Founder, Ajai Thandi said,
“The coffee lovers’ landscape has evolved across the globe and the cold brew coffee concept has gradually seeped into the Indian markets as well. Being backed by DSG Consumer Partners in 2018, made it much easier for us to establish and grow our brand. We are elated on receiving the latest round of funding as it reflects investors’ faith in our business model and growth potential in the Indian market. We plan to utilise the funds to launch new products and go deeper in our existing retail markets Delhi and Mumbai."
Commenting on the investment Rukam Capital’s Managing Partner Archana Jahagirdar stated,
“The startup has demonstrated a strong growth pattern since their launch in 2016. With this investment, we are confident that Sleepy Owl will get the required impetus to further scale up their business and expand operations. The brand has a huge potential of being amongst the fastest growing formats within the coffee business category.”
Founded in 2016 by Ajai Thandi, Ashwajeet Singh and Arman Sood , Sleepy Owl sells ready-to-drink cold brew coffees, brew boxes, brew packs and brew bags.
The trio gave up their corporate jobs to pursue their shared dream of building their own venture. They were included in the coveted ‘Forbes 30 under 30 India’ for 2020.
At present, Sleepy Owl has a presence in more than 1,000 outlets in Delhi and Mumbai, and has catered to 60,000 customers. Its products are also available on the company’s website and Amazon.
(Edited by Saheli Sen Gupta)