QSR chain First Coffee has secured $1.2 Mn (over INR 10 Cr) in a seed round led by early-stage investment firm BEENEXT.
Notable͏͏ Investors͏͏ Join͏͏ the͏͏ Round:
Investors͏͏ such͏͏ as͏͏ Ashish Gupta of Helion Venture Partners, AngelList India, Innov8 Capital’s founder Ritesh Malik, Sahil Malik of Da Milano,͏͏ and͏͏ several͏͏ others͏͏ also͏͏ participated͏͏ in͏͏ the͏͏ round.
Expansion͏͏ Plans:
The͏͏ company͏͏ plans͏͏ to͏͏ use͏͏ the͏͏ capital͏͏ to͏͏ fuel͏͏ its͏͏ expansion͏͏ by͏͏ opening͏͏ more͏͏ outlets͏͏ nationwide.͏͏ Additionally,͏͏ the͏͏ funds͏͏ will͏͏ be͏͏ allocated͏͏ towards͏͏ hiring͏͏ and͏͏ boosting͏͏ marketing͏͏ efforts.
First͏͏ Coffee͏͏ stated͏͏ that͏͏ it͏͏ intends͏͏ to͏͏ expand͏͏ its͏͏ footprint͏͏ in͏͏ major͏͏ urban͏͏ areas͏͏ across͏͏ Delhi͏͏ NCR͏͏ and͏͏ Tier͏͏ I͏͏ cities͏͏ in͏͏ North͏͏ India,͏͏ with͏͏ a͏͏ goal͏͏ of͏͏ launching͏͏ 35͏͏ new͏͏ stores͏͏ by͏͏ the͏͏ second͏͏ quarter͏͏ of͏͏ the͏͏ upcoming͏͏ fiscal͏͏ year.
Continue͏͏ Exploring:͏͏ First Coffee launches͏͏ three͏͏ Delhi-NCR͏͏ outlets,͏͏ aims͏͏ for͏͏ 35͏͏ more͏͏ by͏͏ year͏͏ end
Founded͏͏ in͏͏ 2023͏͏ by͏͏ Sohrab Sitaram and Shiv Dhawan,͏͏ First͏͏ Coffee͏͏ is͏͏ a͏͏ specialty͏͏ coffee͏͏ brand͏͏ that͏͏ launched͏͏ its͏͏ first͏͏ outlet͏͏ in͏͏ Delhi͏͏ NCR͏͏ in͏͏ April͏͏ 2024.͏͏ The͏͏ company͏͏ sources͏͏ its͏͏ coffee͏͏ beans͏͏ from͏͏ Harley͏͏ Coffee͏͏ Estate͏͏ in͏͏ Chikmagalur,͏͏ Karnataka.
Sitaram͏͏ stated,͏͏ “Our͏͏ grab-and-go͏͏ model,͏͏ along͏͏ with͏͏ a͏͏ focus͏͏ on͏͏ sustainability͏͏ and͏͏ tech-driven͏͏ customer͏͏ engagement,͏͏ is͏͏ helping͏͏ us͏͏ establish͏͏ a͏͏ strong͏͏ niche.͏͏ Our͏͏ four͏͏ existing͏͏ stores͏͏ have͏͏ experienced͏͏ 25%͏͏ month-on-month͏͏ growth.”
Growing͏͏ Investor͏͏ Interest͏͏ in͏͏ Coffee Chains:
This͏͏ development͏͏ comes͏͏ as͏͏ coffee͏͏ chains͏͏ continue͏͏ to͏͏ attract͏͏ investor͏͏ interest.͏͏ Just͏͏ a͏͏ few͏͏ weeks͏͏ ago,͏͏ Blue͏͏ Tokai͏͏ Coffee͏͏ Roasters͏͏ secured͏͏ $35͏͏ Mn͏͏ (around͏͏ INR͏͏ 293͏͏ Cr)͏͏ in͏͏ a͏͏ Series͏͏ C͏͏ funding͏͏ round͏͏ led͏͏ by͏͏ Belgian͏͏ investment͏͏ firm͏͏ Verlinvest.
Meanwhile,͏͏ listed͏͏ FMCG͏͏ company͏͏ GRM͏͏ Overseas͏͏ acquired͏͏ a͏͏ 44%͏͏ stake͏͏ in͏͏ Rage͏͏ Coffee͏͏ through͏͏ a͏͏ mix͏͏ of͏͏ primary͏͏ capital͏͏ infusion͏͏ and͏͏ secondary͏͏ share͏͏ purchases,͏͏ without͏͏ disclosing͏͏ the͏͏ financial͏͏ terms͏͏ of͏͏ the͏͏ deal.
