Cold brew coffee e-tailer Sleepy Owl has raised $500,000 in a seed round led by Deepak Shahdadpuri-led venture capital firm DSG Consumer Partners.
The Delhi-based beverages startup will use the capital to expand its production, retail presence, marketing, as well as streamline operations across the board. Besides, the startup aims to fortify its reach and increase customer base which currently stands at 15,000.
Founded in June 2016 by Thandi, a former investment banker with JP Morgan, and Jindal School of Law alums Arman Sood and Ashwajeet Singh, Sleepy Owl claims to source grade-A plantation Arabica beans from Chikamaglur in Karnataka.
The startup currently retails through Foodhall, Le Marche and Modern Bazaar retail chains, apart from its own website.
Sleepy Owl started as a B2B player, later it pivoted to B2C. The startup leverages the Internet, social media to increase its user base and claims to do good business in Delhi, Gurugram, and Noida. Besides, offline presence is also an essential part of the company’s growth.
Blue Tokai Coffee Roasters, RAW Pressery and DropKaffe are some notable startups working in similar space.
Singapore-headquartered investment DSG Consumer Partners had earlier invested in Mumbai-based Rakyan Beverages, the maker of the RAW Pressery brand of organic cold-pressed juices.
Following the capital infusion, DSG looks to work closely with Sleepy Owl team to build this new category of cold brew coffee, bringing premium Indian coffee to customers in a convenient format.
The development was reported by ET.