[Funding alert] New Delhi-based Rage Coffee raises an undisclosed amount in round led by Refex Capital
New Delhi-basedraised an undisclosed amount of growth capital as part of its pre-Series A funding round from a clutch of investors led by Refex Capital.
According to the official statement, the round also saw participation from other marquee investors, including 9 Unicorns Venture Capital Fund, Emarson Computers, CC One Venture Labs, Spotlight Capital, Evolvx Advisory, Darshan Deora, and KRS Jamwal.
Rage Coffee also raised revenue-based financing fromin this round.
Founded in 2018 by Bharat Sethi, the startup is involved in the manufacturing, marketing, and distribution of innovative packaged coffee products. Currently, Rage Coffee has 20 distributors onboard covering 600+ offline touchpoints across India.
It counts Mumbai, Pune, Delhi-NCR, Hyderabad, Bangalore, and Chennai as its main hubs for online sales of Rage Coffee while recording maximum offline demand from Tier II cities such as Jaipur, Kochi, Ahmedabad, and North-Eastern States among others.
“We are building a truly omnichannel FMCG brand, with distribution strategies being implemented for the first time, given our digital DNA. Over 35 percent of all business generated on our D2C channel is from repeat customers and over 45 percent of all revenue comes from second-time buyers. Global expansion is also on our cart. I am glad to have such distinguished investors join us in this exciting journey,” Bharat said.
According to the startup, the funding will be utilised for marketing and distribution purposes as its plans to expand its online presence and offline footprint. The funds will also be used to scale up its production and launch innovative new products.
Apart from this, Rage Coffee will also be hiring senior leaders in marketing and sales.
“We are very impressed with the way Bharat handled COVID uncertainty, grew the revenue three-fold and built strong internal capabilities in terms of strengthening distribution and marketing and launching innovative product flavours. We are very confident of Rage Coffee's growth story and believe that our investment will help further establish its leadership in the market,” said Sridhar Parthasarathy, Managing Partner at Refex Capital.
Rage Coffee claims to have recorded a five-fold increase in its revenue in 2020 and aims to grow its revenues 3X this year.