Bummer, the direct-to-consumer (D2C) innerwear brand famed for its appearance on Shark Tank, has raised INR 9.25 crore led by Gruhas Consumer Fund, with participation from Fluid Ventures Fund.
According to regulatory filings obtained from the RoC, Bummer’s board has approved a special resolution to issue 2,16,121 pre-series A1 CCPS at a price of INR 428 each, aiming to raise INR 9.25 crore.
The Gruhas Consumer Fund injected INR 8 crore into the latest round, with Fluid Ventures Fund joining in with INR 1.25 crore. Gruhas, co-founded by Nikhil Kamath and Abhijeet Pai, operates as a venture capital fund.
According to the filings, the company plans to utilize the funds to broaden and enhance its product categories.
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Established in 2019 by Sulay Lavsi, Bummer specializes in selling comfortable wear and innerwear designed for both men and women. The company asserts that its products are manufactured using 47% less water and contribute to an 18% reduction in carbon footprint.
After the latest funding, Gruhas emerged as the primary stakeholder with 17.3%, trailed by Beenext Asia, Fluid Ventures, and Thapar Vision LLP. The founder and CEO, Sulay Lavsi, along with his family, retains control of 45.97% of the company.
According to estimates from TheKredible, the company’s valuation post-allotment stands at approximately INR 46.5 crore ($5.6 million).
Before this round, Bummer secured 180K from Singapore’s Beenext and received INR 75 lakh through an investment on the TV show Shark Tank India, led by Aman Gupta, co-founder and CMO of boAt, and Namita Thapar, CEO of Emcure Pharmaceuticals.
In the fiscal year ending March 2023, Bummer experienced a three-fold increase in revenue from operations, reaching INR 7.83 crore. However, during the same period, the company’s losses surged 2.8 times to INR 2.94 crore.
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