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Exclusive: Nikhil Kamath-backed Gruhas invests in Shark Tank fame Bummer

EntrackrEntrackr · 1y ago
Exclusive: Nikhil Kamath-backed Gruhas invests in Shark Tank fame Bummer
Medial

Shark Tank fame direct-to-consumer (D2C) innerwear brand Bummer has raised Rs 9.25 crore led by Gruhas Consumer Fund along with the participation of Fluid Ventures Fund. The board at Bummer has passed a special resolution to issue 2,16,121 pre-series A1 CCPS at an issue price of Rs 428 each to raise Rs 9.25 crore, its regulatory filing sourced from the RoC shows. Gruhas Consumer Fund pumped in Rs 8 Cr while Fluid Ventures Fund participated with Rs 1.25 crore in the new round. Gurhas is a venture capital fund co-founded by Nikhil Kamath and Abhijeet Pai. The company will use the proceeds to expand and develop its categories, according to the filings. Founded in 2019, Bummer sells comfort wear and innerwear for both men and women. The company claims that its products use 47% less water for manufacturing and reduce carbon footprint by 18%. Following the fresh proceeds, Gruhas became the largest stakeholder with 17.3%, followed by Beenext Asia, Fluid Ventures, and Thapar Vision LLP. Its founder and CEO Sulay Lavsi along with his family command 45.97% of the company. As per TheKredible’s estimates, the company has been valued at around Rs 46.5 crore or $5.6 million post-allotment. Before this, Bummer had raised 180K from Singapore’s Beenext and Rs 75 lakh on TV show Shark Tank India led by Aman Gupta, co-founder and CMO of boAt and Namita Thapar, CEO of Emcure Pharmaceuticals. During the previous fiscal year that ended March 2023, Bummer’s revenue from operations surged three-fold to Rs 7.83 crore while the losses of the firm spiked 2.8X to Rs 2.94 crore in the same period.

Spice brand Zoff raises Rs 40 Cr in Series A from JM Financial

EntrackrEntrackr · 11m ago
Spice brand Zoff raises Rs 40 Cr in Series A from JM Financial
Medial

Spice brand Zoff has secured Rs 40 crore ($4.8 million) from JM Financial Private Equity through JM Financial India Growth Fund III. The company had previously secured funding in Shark Tank India from boAt’s co-founder Aman Gupta The proceeds will be used to launch new products and expand the business into new segments such as ready-to-cook, condiments, cooking pastes & seasoning kits and strengthen its offline distribution network through general trade, modern trade channels and other retail outlets, Zoff said in a press release. Co-founded in 2018 by Akash and Ashish Agrawal, Zoff specializes in high-quality spices. The brand offers a curated selection of spices, dry fruits, and whole food products. It focuses on providing high-quality ingredients that elevate consumer culinary creations’ taste and health benefits. According to the Raipur-based company, it has a fully automated manufacturing unit which utilizes cold grinding technology to preserve the flavor and aroma of raw spices. The brand claims that its multi-layered ziplock packaging ensures the spices remain fresh for an extended period. Zoff says that it has created a robust online presence by focusing on quick commerce and empowered spices market in a short period of time, registering a profitable revenue over the years. The company is looking to penetrate deeper into the tier-II and tier-III cities. The company also claims that it competes with other big brands like Everest and MDH.

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