Indian speciality coffee chain abCoffee has raised $3.4m in a Series A funding round to expand its store count and enhance its digital infrastructure, World Coffee Portal has reported.
The investment round was led by Nexus Venture Partners and Tanglin Venture Partners.
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The investment will be used by the small-format coffee business to achieve its goal of 150 locations by the end of 2024 and bolster its digital infrastructure and supply chain.
Founded in 2022, abCoffee sources coffee beans directly from farms in Chikmagalur, Karnataka.
It currently operates 27 small-format stores across Mumbai and the Delhi National Capital Region.
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abCoffee CEO Abhijeet Anand was quoted by World Coffee Portal as saying: “We are thrilled to partner with Nexus Venture Partners and receive continued support from Tanglin Ventures in our mission to make speciality coffee accessible and enjoyable for everyone in India.
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By GlobalData“We continue to remain extremely capital efficient, leverage supply chain optimisation and continue to innovate new products for the masses.”
The investment is expected to triple abCoffee’s valuation to $15m.
In February 2024, the coffee chain unveiled its target of 50 outlets by April 2024.
The Series A funding round comes six months after abCoffee raised $2m in seed funding to accelerate outlet expansion and scale its product range in October 2023.
It has become the latest Indian coffee chain to receive investment to scale its store network.
