Specialty coffee QSR chain abCoffee has raised $3.4 million in its Series A round led by Nexus Venture Partners, with participation from existing investor Tanglin Venture Partners.
Earlier to this round, the startup had raised $2 million in its seed round led by Tanglin Venture in September last year.
The proceeds will be used to enable abCoffee to ramp up its supply chain and technology stack to bring on-demand coffee beverages at lower prices in quicker time, abCoffee said in a press release.
Founded in 2022 by Abhijeet Anand, abCoffee offers a wide variety of freshly brewed coffees at affordable prices and provides all the traditional blends including Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee.
The company boasts a customer loyalty rate of 61%, nearly double the industry average, reflecting its commitment to exceptional service with a turn around time (TAT) of 1.5 minutes.
Recently, the brand opened 25 outlets across Mumbai and Delhi within a span of 20 months. The brand is targeting 150 stores by end of 2024.
Its competitors include Third Wave Coffee, Blue Tokai, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co., among others.
