[Funding alert] FMCG startup Svami raises Rs 6.5 Cr in bridge round led by Mumbai Angels Network
, a Mumbai-based FMCG startup that sells non-alcoholic aerated beverages, has raised Rs 6.5 crore in a bridge round leading up to a Series A round. It was led by Mumbai Angels Network, with participation from current investors including Rukam Capital Trust; Niren Shah, Managing Director of Norwest Venture Partners; and Ashish Chand’s family office — Yukti Securities.
The startup plans to use the newly-raised funds to penetrate deeper into existing geographies and grow into newer cities in India and to launch a ready-to-drink product line.
Founded by Sahil Jatana, Rahul Mehra, and Aneesh Bhasin, Svami claims to be the only brand in the country to have 100 percent R&D and manufacturing in-house.
Speaking about the fundraise, Sahil Jatana, Co-Founder and CEO of Svami, said,
“Since launch, we have seen massive product acceptance across retail and HoReCa (Hotel/Restaurant/Café) and now, we are doubling down on our first mover advantage with deeper retail presence and a new category launch. Fundraising in the time of COVID-19 and an era of Zoom calls has affected the way we work, and we are happy to have Mumbai Angels be a part of our journey."
During the lockdown, the consumer startup launched '3 Calorie Tonic Water' with a D2C approach, which quickly became a success. During the lockdown, Svami took a number of measures to sustain the situation and at the same time, make a most of the difficult conditions.
Speaking about the investment, Nandini Mansinghka, Co-promoter and CEO, Mumbai Angels Network said,
“Non-alcoholic beverage is relatively an uncovered space in India which allows companies to create innovation opportunities. Health conscious consumers are changing the narrative of this segment and companies have to adjust and accelerate their strategies in this fast-changing landscape. Svami is making non-alcoholic drinks on their premium platform as a part of our expanding portfolio in the food and beverage sector.”
Svami’s beverage portfolio is available at select retail outlets, wine shops, and leading restaurants-bars and is now available in eight states in India (including Delhi-NCR, Mumbai, Bengaluru, Goa, and Pune) and two international markets, with over 900 touchpoints.
In November 2019, the startup 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.
Edited by Kanishk Singh