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Exclusive: Subko Coffee raises Rs 80 Cr led by NKSquared

EntrackrEntrackr · 1y ago
Exclusive: Subko Coffee raises Rs 80 Cr led by NKSquared
Medial

Subko Coffee has raised Rs 80 crore in a new round led by Zerodha co-founders-backed NKSquared, said two sources aware of the investment. Several individuals along with Blume Ventures and Progressive LLP also participated in the financing round. “NKSquared has put in around Rs 70 crore whereas the remaining Rs 10 crore came from other investors,” said one of the sources requesting anonymity as talks are yet to be public. The company has received $5.5 million (Rs 45 crore) and NKSquared has already invested Rs 34.2 crore, according to the Subko Coffee regulatory filings with the Registrar of Companies (RoC). Blume Ventures and Progressive Strategies LLP collectively invested Rs 4.75 lakh. Pallavi Dempo, Suprapadh S Manohar, John Abraham, Kalpathi Ratna, and Suparna Gupta also took part in the financing round. As per sources, NKSquared has also acquired a 25% stake in the Mumbai-based firm. Subko Coffee has been valued at around $35-40 million (post-money), said the person quoted above. Queries sent to Subko Coffee NKSquared and Subko Coffee didn’t elicit any immediate response. We will update the story in case they respond. NKSquared was incorporated by Kamath brothers in 2019 but it became active last year and backed a few companies, including Nazara Games. Subko Coffee provides caffeinated drinks along with baked bread-pastries and coffee roasters. According to its filings, several celebrities such as Gauri Khan, Tiger Shroff, and others invested in the company between June 2022 to December 2023. Subko Coffee has been growing at a rapid clip and this could be evident from its growth in the last fiscal year. Its revenue spiked 94% to Rs 13.57 crore in FY23 from Rs 7 crore in FY22 while the firm’s losses stood at Rs 9.86 crore in the same period. Subko Coffee competes with Third Wave Coffee, Blue Tokai, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co. Notably, Third Wave Coffee is also backed by Zerodha’s co-founder Nikhil Kamath.

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Blue Tokai posts Rs 325 Cr revenue in FY25, cuts losses by 21%

EntrackrEntrackr · 4d ago
Blue Tokai posts Rs 325 Cr revenue in FY25, cuts losses by 21%
Medial

Blue Tokai posts Rs 325 Cr revenue in FY25, cuts losses by 21% Speciality coffee chain Blue Tokai Coffee Roasters has posted 50% year-on-year growth in its scale while simultaneously tightening its losses during FY25. India’s coffee culture continues to deepen and evolve, even as the market becomes increasingly crowded with new-age brands and speciality chains entering the space. Amid this intensifying competition, speciality coffee chain Blue Tokai Coffee Roasters has posted 50% year-on-year growth in its scale while simultaneously tightening its losses during FY25. According to the company’s consolidated financial statements accessed from the Registrar of Companies (RoC), its revenue from operations rose to Rs 325 crore in FY25, up from Rs 216 crore in FY24. The sale of coffee and related products remained the sole source of revenue for Blue Tokai in the last fiscal year. As per the company’s website, it now operates over 100 stores across India. On the cost front, the company spent Rs 113 crore on the procurement of products against sales of Rs 325 crore during the year. Employee benefit expenses also rose 24% year-on-year to Rs 94 crore in FY25. Meanwhile, expenses related to rent, logistics, marketing, and other overheads pushed total expenditure up by 35.3% to Rs 385 crore in FY25, compared with Rs 284.5 crore in the previous fiscal year. Despite this rise, tighter cost controls and operating leverage from higher revenues helped improve the company’s overall financial efficiency. As a result, Blue Tokai reduced its losses by 20.6% to Rs 50 crore in FY25, from Rs 63 crore in FY24. Key profitability metrics also showed improvement, with ROCE improving to -14.4% and EBITDA margin narrowing to -3.69%. On a unit economics level, the company spent Rs 1.18 to earn every rupee of revenue during the year. The improved scale and operational discipline appear to have reinforced investor confidence. During the year, Blue Tokai raised $25 million in a bridge round from its existing investors, taking its total funding raised to over $110 million to date. While some early coffee brands have exited over the years, new startups continue to enter India’s crowded specialty coffee market. Recently, Toffee Coffee, Notting Coffee and Sweet Karam Coffee raised pre Series A funding, while Chelbess Coffee, First Coffee and Subko Coffee also secured fresh capital from investors. The recent funding activity shows that investors continue to believe in India’s growing coffee market, even as brands focus not just on growth, but also on standing out, managing costs, and moving closer to profitability.

Blue Tokai posts Rs 216 Cr revenue with improved EBITDA margin in FY24

EntrackrEntrackr · 11m ago
Blue Tokai posts Rs 216 Cr revenue with improved EBITDA margin in FY24
Medial

Blue Tokai posts Rs 216 Cr revenue with improved EBITDA margin in FY24 Blue Tokai Coffee Roasters has achieved over five-fold growth in the past four fiscal years. The brand's revenue grew from Rs 41 crore in FY21 to Rs 75 crore in FY22, Rs 127 crore in FY23, and Rs 216 crore in FY24. Blue Tokai’s revenue from operations grew 70% year-on-year to Rs 216 crore in FY24 from Rs 127 crore in FY23, its annual consolidated financial statements sourced from the Registrar of Companies show. Income from the sale of coffee accounted for 93% of the overall operating revenue which stood at Rs 201 crore in FY24. The rest of the collections come from the sale of bakery products. Blue Tokai claims to have 130 outlets and plans to expand to over 350 locations in the next 3 years. The company also added Rs 5 crore from interest on deposits and gains on mutual funds, which tallied its overall income to Rs 221 crore in FY24 and Rs 129 crore in FY23. Moving towards the cost breakdown, employee benefits were the largest cost center, accounting for 29.5% of the overall cost, which increased by 95% to Rs 84 crore in FY24. Blue Tokai’s procurement costs increased by 46% to Rs 83 crore in FY24. Due to the notable expansion of the outlets, the rent cost surged 94% to Rs 33 crore in FY24. Its legal, advertising, communication, travel, and other overheads increased the total expenditure by 66% to Rs 285 crore in FY24 from Rs 172 crore in FY23. The surge in employee benefits and rent costs outpaced the revenue growth which led Blue Tokai to post a 46% increase in losses which stood at Rs 63 crore in FY24, compared to Rs 43 crore in FY23. However, the company improved its EBITDA margin, narrowing it from -24.7% in FY23 to -19% in FY24. Blue Tokai spent Rs 1.32 to earn a rupee during the fiscal year. By the end of FY24, the company reported current assets of Rs 153 crore, including cash and bank balances of Rs 61 crore. Blue Tokai has raised over $80 million to date including its $30 million Series C round led by Verlinvest in August last year. According to the startup data intelligence platform TheKredible, A91 Partners was the largest external stakeholder with 22.77% followed by Verlinvest. On the competition side, Third Wave Coffee posted Rs 240 crore of revenue with a loss of Rs 110 crore in FY24. While Starbucks India posted a whopping Rs 1,218 crore in revenue in the previous fiscal. Sleepy Owl, Subko Coffee, and Seven Beans are yet to post their financial results for FY24.

Exclusive: BiofuelCircle raises Rs 45 Cr led by Spectrum Impact

EntrackrEntrackr · 1y ago
Exclusive: BiofuelCircle raises Rs 45 Cr led by Spectrum Impact
Medial

Biomass and biofuel marketplace BiofuelCircle raised Rs 45 crore ($5.3 million) in funding led by Spectrum Impact with the participation of a few angels as well as the promoters of the company. The board at BiofuelCircle has passed a resolution to issue 3,27,551 compulsory convertible preference shares to raise Rs 45 crore (approximately $5.3 million), its regulatory filing accessed from RoC shows. The company has received Rs 24.3 crore till now while the rest of the sum is yet to be rolled out by the investors. Before this round, it has raised $2 million from Spectrum Capital, Better Capital and others. As per the Kredible’s estimates, the company has been valued at around Rs 282 crore or $34 million pos-allotment. Launched in 2020, BiofuelCircle focuses on building an organized and reliable supply chain for biomass and biofuels. The platform identifies farmers who need to sell their agricultural residue and then it connects them with the storage facilities nearby. The platform further connects these storage companies with factories or refineries where the biomass would be sold. Additionally, these refineries are connected to industrial consumers who purchase the biomass. It also offers buyers to subscribe to the BiofuelCircle marketplace through either prepaid or postpaid subscription plans which also provides access to value-added services. BiofuelCircle directly competes with Buyofuel, which is backed by Inflection Point Venture and Venture Catalysts. The Pune-based company recorded a 5x growth in its operating revenue to Rs 11 crore during the fiscal year ended 2023. However, its losses surged by 80% to Rs 6.8 crore during the same period. The company is yet to file its annual statement for FY24. Lead investor Spectrum has invested in several growth stage startups such as Atomberg, Falcon Labs, Dozee, Miko, Log9, Turno, Blue Sky Analytics, Kreedo and others.

Third Wave Coffee revenue crosses Rs 240 Cr in FY24, losses up 2X

EntrackrEntrackr · 1y ago
Third Wave Coffee revenue crosses Rs 240 Cr in FY24, losses up 2X
Medial

Coffee chain Third Wave Coffee seems to be utilizing the VC funds the right way as the company managed to grow its scale at a scorching pace in the past couple of fiscal years: Its revenue from operations surged Rs 241 crore in the fiscal year ending March 2024 from Rs 32 crore in FY22. When it comes to year-on-year growth, Third Wave Coffee’s revenue from operations grew 67% to Rs 241.3 crore in FY24 as compared to Rs 144.4 crore in FY23, the company’s standalone financial statement sourced from the Registrar of Companies shows. The company is in the business of process, producing, packing, preserving, extracting, refining, buying, selling, and dealing in coffee and food products in and outside India. Third Wave Coffee made its entire revenue from sales of these products. Its products include coffee bags, coffee beans, and cold brews. As of October, the company has 114 cafes in India and plans to reach 160 by the end of the ongoing fiscal year (FY25). It is also looking to launch 80 to 100 coffee shops annually from 2025. The company claims that they’re roasting around 10-15k kilograms of beans per week. Other than its core business, the company also earned a non-operating income of Rs 6.61 crore during the year via interest and gains on assets. Overall, it made a revenue of Rs 247.9 crore during the last fiscal year. On the expense side, employee benefits turned out to be the largest cost element forming 27% to the total expenditure. This cost surged 68.8% to Rs 97.26 crore in FY24. The cost of materials doubled to Rs 87.61 crore while the company paid rent worth Rs 81.25 crore during the year. Importantly, the company spent only Rs 11.65 crore on selling and marketing. In the end, the company’s overall expenses went up 78% to Rs 358 crore in FY24 from Rs 201 crore in FY23. Despite the healthy growth in scale, the losses of the firm spiked over 2X to Rs 110 crore in FY24, which can be attributed to the excessive cash burn during the year, especially on employee costs and rent. Meanwhile, its operating cash outflows also rose 33% to Rs 81.57 crore. Its EBITDA margin and ROCE stood at -35.52% and -35.28%, respectively. On a unit level, Third Wave Coffee spent Rs 1.48 to earn a rupee of operating revenue in the last fiscal year. The company’s current assets jumped more than 5X to Rs 223.2 crore during the year while cash and bank balances grew multiple times to Rs 120.4 crore in FY24 from Rs 8.06 crore in FY23. At the end of FY24, Third Wave Coffee’s outstanding losses mounted to Rs 192 crore. As per TheKredible, the Bengaluru-based company has raised around $65 million to date from WestBridge Capital, Creaegis, and Redbrook, among others. It raised $35 million in funding in September 2023 and was valued at around $155 million (post-money). Third Wave Coffee competes with Subko Coffee, Sleepy Owl, Blue Tokai, Rage Coffee, Slay Coffee, and abCoffee among others. While the wave of Coffee sellers has made it a buyers market in some ways, coffee continues to chase the kind of premium buyer whose numbers remain a matter of conjecture in many ways. The low advertising and promotion costs indicate a smart hack, because it clearly hasn’t impacted growth, but the big challenge remains building the kind of loyalty that drives volumes at a steady clip, when aligned with planned expansion of the network. Like all retail businesses in India, the impact of rent remains disproportionate, and offers no relief really in a market that is still overheated, if not as piping hot as some of the coffee Third Wave offers. The path to profitability remains distant for now, even as Third Wave’s regular customers should be reassured that their preferred chain has enough runway to serve them for some time yet. Importantly, the chain seems to have done enough to raise a fresh round if the need arises.

Toffee Coffee Roasters raises pre-Series A round led by IPV

EntrackrEntrackr · 10d ago
Toffee Coffee Roasters raises pre-Series A round led by IPV
Medial

Toffee Coffee Roasters raises pre-Series A round led by IPV Coffee brand Toffee Coffee Roasters has raised Rs 5 crore in pre-Series A funding round led by IPV along with participation from 66 bridge partners, Abhijit Vemuganti and Invesst. The startup was also featured on Shark Tank India and backed by Ritesh Agarwal. The proceeds will be utilized for expansion of operations, enhancing and expanding the backend roastery, improving packaging quality, and new product development as the brand continues to expand its portfolio. Co-founded in 2019 by Rishabh Nigam and Nandini Shrivastava, Toffee Coffee Roasters started as a specialty coffee cafe in Mumbai. During the 2020 lockdown, the brand pivoted to delivering freshly roasted coffees across India. It has since scaled to over 2 lakh customers through various channels and operates out of a 10k sqft roastery. The global coffee market is valued at $150–200 billion, while India’s coffee market stands at around $2 billion, showing a promising CAGR of over 20 percent. The company focuses on high-quality sourcing, roasting, and blending, ensuring better quality at competitive prices. Toffee Coffee Roasters currently produces over 5 tonnes of coffee monthly, aiming to scale production to 50 tonnes, which could support Rs 8-10 crore in annual revenue and reach 8-10 lakh customers. The company holds around 1-2% market share in the overall coffee category.

Exclusive: Doceree raises $13.6 Mn from Creaegis

EntrackrEntrackr · 1y ago
Exclusive: Doceree raises $13.6 Mn from Creaegis
Medial

Healthcare startup Doceree has raised Rs 113.5 crore (approximately $13.6 million) from Indian private equity firm Creaegis. The board at Doceree has passed a special resolution to issue 10 equity and 2,4300 CCPS at an issue price of Rs 4,672 per share to raise Rs 113.5 crore, its regulatory filing accessed from the Registrar of Companies shows. Importantly, Doceree has received its investments in its local India entity for the first time. Prior to this round, the company had used its holding entity in the US to receive all fundings. Doceree has raised over $50 million to date including $35 million in its Series B round led by Creaegis. Previously, it raised $11 million in a Series A round led by Eight Road Ventures in 2022. Four-year-old Doceree aims to empower pharmaceutical and life-sciences companies and healthcare media agencies with solutions that reach HCPs (healthcare professionals) on their networks to achieve better patient health outcomes. In May last year, Doceree collaborated with Hello Health Group to foray into eight Southeast Asian countries including Vietnam, Indonesia, Malaysia, Cambodia, Myanmar, Singapore, Philippines and Taiwan. As per startup data intelligence platform TheKredible, Doceree registered 60% surge in its operating revenue to Rs 26.6 crore in FY23 from Rs 16.6 crore in FY22. During the period, its losses increase to only Rs 1.53 crore from Rs 38 lakh. Creaegis closed its maiden fund at about $426 million (Rs 3,500 crore) last year. Its portfolio includes Medikabazaar, Zopper, and Kale Logistics among others. Creaegis also has made its major investments in Third Wave Coffee and Zopper.

Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation

EntrackrEntrackr · 10m ago
Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation
Medial

Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation Wealth management platform Waterfield Advisors is raising Rs 123 crore (approximately $14.6 million) in a new funding round, led by Jungle Ventures. The company’s board has approved a special resolution to issue 10,92,362 preference shares at an issue price of Rs 1,126 each, raising Rs 123 crore ($14.6 million), according to its regulatory filing accessed from the Registrar of Companies. Jungle Ventures is leading the funding round with an investment of Rs 100 crore. The remaining amount is being contributed by co-founder and CEO Soumya Rajan, along with individual investors, including Bharat Dhirajlal Shah, Vijay Singh, Bandi Vamsikrishna, Corel Traders, Parthasaradhi Reddy, Kekoo Colah, and Smita D Parekh. The company plans to utilize the proceeds for growth, expansion, marketing, and general corporate purposes, as determined by the board. According to Entrackr estimates, Waterfield Advisors will be valued at approximately Rs 723 crore ($86 million) post-allotment. The company is reportedly raising Rs 130 crore in this round. Founded in 2011 by Soumya Rajan, Waterfield Advisors is a fee-based multi-family office and wealth advisory firm, that ensures unbiased financial, investment, and succession planning services. Waterfield advisors had raised over $25 million in funding to date including $6 million from family offices, and ultra-high net worth individuals. According to the startup data intelligence platform TheKredible, Jungle Ventures will be the largest external stakeholder with 13.83%. Its co-founders Soumya Jain along with Sanjay Teli will cumulatively hold 40.07% of the company. Waterfield Advisors has recorded a 33.2% year-on-year increase in its revenue to Rs 45.7 crore in the fiscal year ended March 2024. Moreover, it managed to decrease losses by 9.5% to Rs 28.6 crore in FY24.

Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi

EntrackrEntrackr · 1y ago
Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi
Medial

Infra.Market has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. The debt infusion for the Mumbai-based firm follows the $50 million equity round from the Mars Unicorn Fund — a joint venture of Liquidity Group and MUFG. The board at Infra.Market has approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. Previously, the committee had approved a resolution to raise up to Rs 500 crore through debentures. The new infusion is the tranche of Rs 500 crore. Yubi has invested Rs 80 crore while Raymond Limited, IKF Home Finance, and Samunnati Financial participated with Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and also exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. To date, Infra.Market has raised around $520 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which own 16.87% and 8.46%, respectively, before this round. While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23. Tiger global-backed firm’s profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Market’s competition includes OfBusiness, Moglix and Zetwerk, among others. OfBusiness recorded nearly Rs 20,000 crore in revenue and Rs 603 crore profit in FY24. Entrackr exclusively reported the firm’s financial numbers on July 8. Meanwhile, Zetwerk and Moglix are yet to report last fiscal year (FY24) numbers.

Exclusive: Atomberg raises Rs 212 Cr in Series C extension led by Temasek

EntrackrEntrackr · 20d ago
Exclusive: Atomberg raises Rs 212 Cr in Series C extension led by Temasek
Medial

Exclusive: Atomberg raises Rs 212 Cr in Series C extension led by Temasek Consumer appliances brand Atomberg has secured Rs 212 crore ($24 million) in an extension of its Series C round led by Jongsong Investments (Temasek), with participation from its co-founders and existing backers. As per regulatory filings sourced from the Registrar of Companies (RoC), the board approved the issuance of 10,006 Series C1 and C2 preference shares at Rs 2,11,835 per share to raise the fresh capital. Temasek led the tranche with an infusion of Rs 132 crore, while Jungle Ventures and Inflexor Fund contributed Rs 17.8 crore and Rs 17.9 crore, respectively. Co-founders Manoj Kumar Meena and Sibabrata Das together invested Rs 44 crore during this round. This appears to be part of a larger ongoing funding round, and Atomberg is expected to raise additional capital for the secondary transactions. As per Entrackr’s estimates, the latest allotment values the company at around $500 million post-money. With this, Atomberg has raised over $150 million to date, including the $86 million Series C round led by Temasek and Steadview Capital in May 2023. Sibabrata Das, co-founder of Atomberg, declined to comment on the queries sent by Entrackr. Founded in 2012 by Meena and Das, Atomberg has built a strong R&D-led product portfolio featuring energy-efficient BLDC and smart fans, mixer grinders, and smart locks. The brand claims a retail footprint spanning more than 15,000 touchpoints across India. Atomberg initially entered the market in 2015, catering to B2B customers such as the Tata Group, Infosys, and Indian Railways before expanding into B2C via Flipkart and Amazon, and later scaling offline distribution from 2018 onward. The company is yet to file its FY25 financials. In FY24, its revenue from operations grew 31% year-on-year to Rs 848 crore, while losses narrowed by 31.7% during the same period.

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