NEW DELHI, India – Delhi-based coffee startup Sleepy Owl recently announced that it has raised an undisclosed amount in Series A funding round. The funding round was led by Rukam Capital and AngelList India. Existing investor DSG Consumer Partners also participated in the fundraising. Post the investment, the startup would have raised ₹16Cr in total funding.
The company plans to use these funds to expand operations, strengthen distribution and launch new products.
Talking about the recent fund infusion in the company, Sleepy Owl Co-Founder, Ajai Thandi said, “The coffee lovers’ landscape has evolved across the globe and the cold brew coffee concept has gradually seeped into the Indian markets as well. Being backed by DSG Consumer Partners in 2018 made it much easier for us to establish and grow our brand.
We are elated on receiving the latest round of funding as it reflects investors’ faith in our business model and growth potential in the Indian market. We plan to utilize the funds to launch new products and go deeper into our existing retail markets Delhi and Mumbai.”
Sleepy Owl was founded by Ajay Thandi, Ashwajeet Singh and Arman Sood in 2016. The company sells ready-to-drink cold brew coffees, brew boxes, brew packs, and brew bags. The founding trio built their own company after leaving their corporate job. All three of them have been listed in ‘Forbes 30 under 30 India’ for 2020.
Commenting on the investment, Rukam Capital’s Managing Partner, Archana Jahagirdar stated, “The startup has demonstrated a strong growth pattern since its launch in 2016. With this investment, we are confident that Sleepy Owl will get the required impetus to further scale up their business and expand operations. The brand has a huge potential of being amongst the fastest growing formats within the coffee business category.”
At present, Sleepy Owl has a presence in more than 1,000 outlets in Delhi and Mumbai and has catered to 60,000 customers. Its products are also available on the company’s website and Amazon.
