Indulge Beverages Owned Bonhomia Raises $500K in Bridge Round of Funding
Delhi based Indulge Beverages, which owns and distributes premium tea and coffee brand Bonhomia, has raised $500,000 (Rs 3.3 crore) in a bridge round of funding. It is also in talks with potential strategic investors for a majority stake sale. The new funding round, which was closed this month, was led by existing backers including seed-stage investment firm Fireside Ventures and real estate group scion Apurv Salarpuria of Salarpuria Group. Valpro Capital (the company behind the capital raising platform Enablers) and an unnamed early-stage investor also put in money. The funds will be utilized for strengthening its distribution and manufacturing capabilities.
Founded by Kunal Bhagat and Tuhin Jain, Bonhomia is the creator and leader of the premium single serve coffee & tea capsule category in India. The four-year old company caters to both retail and institutional segments, including Oberoi Group of hotels, Ritz Carlton and multiple Hyatt hotels. Bonhomia also retails through Amazon and Snapdeal as well as through retail chains Croma, Godrej Nature’s Basket and Spencer’s Retail, among others.
The company has shared that the business revenue has grown 10 times over last year particularly led by the increased demand of the product in the retail channel. Bonhomia has already setup over 60 consumer experience zones across the country and plans to expand the same to more than 150 before the year end, given the strong consumer traction.
TheTechBulletin – http://www.thetechbulletin.com/bonhomia-raises-bridge-funding-34781/