Shark Tank fame direct-to-consumer (D2C) innerwear brand Bummer has raised Rs 9.25 crore led by Gruhas Collective 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 Collective Consumer Fund pumped in Rs 8 crore while Fluid Ventures Fund participated with Rs 1.25 crore in the new round. Gruhas 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 external 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.
