Sleepy Owl on Monday said it has raised USD 6.5 million (about Rs 48.3 crore) in funding, led by existing investor Rukam Capital.
The series A funding raised by the Delhi-based direct to consumer (D2C) company, which operates in the ready-to-drink coffee space, also saw participation by existing investor DSG Consumer Partners and others, a statement said.
Sleepy Owl aims to solidify their core team, build a robust distribution network across India for increased demand of their brews, and firm up its marketing initiatives, it added.
The company has raised $8.5 million in total.
Ajai Thandi, the co-founder at Sleepy Owl, said the company plans to utilise the funds to go deeper into existing retail markets across India.
The pandemic played the role of a catapult for the firm. It forced the management to take a few steps back to aim at the target. The company was agile and quick on problem-solving and was able to get back on track with higher numbers. The funding reflects investors' faith in the company’s business model and growth potential in the Indian market, he added.
Founded in 2016 by Ajai Thandi, Arman Sood, and Ashwajeet Singh, Sleepy Owl's product portfolio includes cold brew packs, hot brew bags, ready-to-drink cold brew bottles, ground coffee, brew box and merchandise. The company aims to close with an ARR (annual revenue run rate) of Rs 60 crore by March 2022.
In other development, Zvolv, an enterprise SaaS platform, raised $1.5 million (about Rs 11.1 crore) in funding, led by JSW Ventures.
The round also saw participation from Riso Capital, a Silicon Valley based VC fund, a statement said.
Zvolv plans to use the funds to expand its customer base globally, drive rapid adoption in an increasingly work-from-anywhere world, as well as double down building out the AI/ML capabilities in the platform, it added.
Hardik Gandhi, co-founder and CEO at Zvolv, said more and more enterprises are switching to no-code and low-code development platforms to dramatically increase application delivery speed. The increased demand for custom applications and data-centric solutions, business and IT teams within enterprises are increasingly turning to Zvolv.
Zvolv is an intelligent no-code/low-code platform for automating business processes.
Its platform helps enterprises across retail/CPG, BFSI (banking, financial services and insurance) and engineering and construction industries build workflows and deliver end-to-end automation of their processes at speed.
(With PTI Inputs)