Svami raises Rs 6.5 Cr by Mumbai Angels Network for FMCG startup
Earned Rs 6.5 crore. The business was guided by Mumbai Angels Network, including Rukam Capital Trust, Norwest Venture Partner Managing Director Niren Shah, and Yukti Securities
The newly-leveled funds will be used to expand deeper into established areas and to expand into new Indian markets, and to introduce a ready-to-drink food range.
In a bridge round leading up to Series A, Svami, the FMCG-based company in Mumbai, which sells non-alcoholic ventilated drinks, earned Rs 6.5 crore. The business was guided by Mumbai Angels Network, including Rukam Capital Trust, Norwest Venture Partner Managing Director Niren Shah, and Yukti Securities
the family office of Ashish Chand. The freshly collected funds will be used to reach deeper and expand into new cities in India and to introduce a ready drinking beverage range. This is the only way to accomplish this goal. Svami is the only brand in the world that has 100 percent R&D and manufacturing at home, created by Sahil Jatana, Rahul Mehra, and Aneesh Bhasin. She said: "Several retails and HORECO (hotel/restaurant/coffee) have been getting huge amounts of products since the launch, and now we have doubled our benefit with a broader market reach and a fresh category launch. We've been able to leverage the fundraise to ensure sure we get the first mover. During the lock-down, Svami began '3 Calorie tone water' with a D2C approach which soon became the hit. At the lock-off, he took a range of action steps to support the situation, although at the same time, taking advantage of the funding of the COVID-19 and the zoom calls era, we have had a great deal to do with the way we operate, and we were glad that Mumbai angels were part of our trip.
As Nandini Mansinghka, co-promoter and CEO of the investment, Mumbai Angels Network said: "Non-alcoholic consumption is an open room for businesses in India that enables creativity opportunities to be developed. Health-conscious customers are shifting the stories of this market and companies must adjust and speed up their strategies in a fast-changing world.
In its previous round of funding for Series A under the leaders of Rukam Capital and Confidence, the start-up received Rs 7.5 crore (about $1 million), which is now accessible at selected retail outlets, wine shops, and leading restaurant bars in eight countries in India (including Delhi-NCR, Mumbai, Bengaluru, Goa, and Pune).