, an FMCG brand focusing on coffee categories, on Tuesday announced that it has raised ~ $5 million of growth capital as part of its Series A round led by Sixth Sense Ventures.
The brand is planning to expand its online presence and offline footprint pan-India and will utilise the fresh capital for marketing and distribution purposes. Rage Coffee will also use the funds to scale production, launch innovative new products, and add senior management talent, the company stated.
Speaking on the development, Bharat Sethi, Founder and CEO of Rage Coffee, said, “We are excited to work with Sixth Sense Ventures, veteran FMCG investors, through this round of funding. Therefore, we plan to double down on our efforts across all the channels. We are successfully building a truly omnichannel FMCG brand, with distribution strategies being implemented for the first time, given our digital DNA."
"In fact, our D2C channel has grown 10x during the pandemic. With this round of funding, we have our sights set on fulfilling our global demand as well with distributor partners in the US, Europe, and GCC markets already working with us. We see ourselves continuously developing innovative new products in the years to come,” he added.
Founded in 2018 by Bharat Sethi, Delhi-based Rage Coffee products are retailed through its own website, leading online platforms, and 1,000+ offline touchpoints through a network of distributors. It was recently accepted into Amazon’s Global Selling Accelerator Program, which plans to take Indian brands to global markets through the Amazon network.
Commenting on the investment, Nikhil Vora, CEO and Founder of Sixth Sense Ventures, added,
“The company’s vision is perfectly aligned with our philosophy here at Sixth Sense – a disruptive product (flavoured instant coffee), developed by a maverick founder, with a vision to disrupt a large category (Rs 7000 crore+ segment in India). With the increasing adoption of the café culture and changing consumer preferences within hot beverages (in favour of coffee), our sense is that the segment will witness a strong increase in penetration."
Founded in 2014, Sixth Sense Ventures manages over $350 million across three funds. SSIO-III has completed eight investments, including Fraazo, Nobel Hygiene, Parag Milk, Open Secret, Good Dot, Stylam, Neeman’s, and now, Rage Coffee.
"We believe Rage Coffee is extremely well-positioned to resonate with these new-age consumers and create a strong brand affinity for its products. We are excited to partner with Bharat and the team in their journey to establish Rage as a marquee Indian brand in the caffeine segment," added Nikhil.
Edited by Saheli Sen Gupta
Link : https://yourstory.com/2021/08/fmcg-brand-rage-coffee-funding-sixth-sense-ventures
Author :- Trisha Medhi ( )
August 17, 2021 at 12:28PM
YourStory