Bonhomia a premium tea and coffee capsules brand has raised $500k in a Bridge round of funding. This round was led by some existing shareholders and new investors including Valpro Capital and an unnamed early stage investor.
It was launched by Indulge Beverage which is owned by Kunal Bhagat and Tuhin Jain in March 2014. Its coffee capsule portfolio offers a range of variety with flavours according to the need of the customer.
It raised $2 million in April 2015 from a group of super angels including Apurva Salarpuria, Kanwaljit Singh, Nita Mirchandani, Ashok Dhingra, Nitesh Kripalani, Gidwani family, Ramrod Advisors, Tolmolbol, Shripad Nadkarn and Apurva Salarpuria.
Coffee consumption has grown significantly in the country, specially in urban areas with factors including globalization, rising disposable incomes, changing lifestyle and an expanding middle class.
Bonhomia is available in more than 120 stores across the country. It caters to both institutional and retail segments which includes Ritz Carlton, Hyatt Hotels and Oberoi Group of Hotels. It retails via Snapdeal and Amazon, and including some retail chainz such as Spencer’s Retail, Godrej Nature’s Basket and Croma, among others.
For the financial year ended March 31, 2016 it claimed to have a revenue of around Rs 2 crore, and projected a topline of Rs 10- 15 crore for current fiscal year.
Tuhin Jain, Co-founder & CMO of Indulge Beverages said
“The introduction of our single serve brewers to the retail consumers about 9 months ago has exhibited the huge consumer pull for the category as transactions on our own online platform bonhomiaworld.com have jump-shifted by over 20 times.”
Kanwaljit Singh, Founder Fireside Ventures said,
“For an investor, industry potential and Management’s execution capability are the two most important factors that count when choosing a startup. Bonhomia is the perfect fit in that sense. The company we believe can be a game-changer in the gourmet coffee industry and we are just backing the winning horse.”