Tech-enabled QSR specialty coffee chain abCoffee has raised $2 million in its seed round led by Tanglin Venture Partners. 100X .VC, Panthera Peak, OTP Venture Partners and other angel investors also joined the firm’s maiden round.
The funds will be used to enhance abCoffee’s tech stack, expand its product range, and make its affordable specialty coffee accessible across India through its retail outlets, abCoffee said in a press statement.
Founded by Abhijeet Anand in 2022, abCoffee offers a wide variety of freshly brewed coffees at affordable prices. It provides all the traditional blends including Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee.
According to abCoffee, it purchases its green beans straight from farms in Chikkamagaluru to guarantee the highest quality. With a 69% client retention rate over the past eight months, the firm claims to have provided over 28,000 cups of coffee in a span of eight months.
Keeping coffee as its focal point, abCoffee plans on opening 10,000 outlets across India. Working on creating varieties within the beverage, it also plans on going international adapting to foreign taste palettes as well.
In December last year, abCoffee raised $300k from a clutch of angel investors. It claims a $6 million valuation before this round and Rs 52.5 lakhs in revenue in the fiscal year ending March 2022.