Bonhomia, the premium tea and coffee capsules brand has raised USD 0.5 mn in a bridge round of funding. Valpro Capital (a new investor) as well as most of its existing shareholders have subscribed the round.
Bonhomia was launched in March 2014 by Indulge Beverages which is jointly owned by Kunal Bhagat (INSEAD alumnus, ex investment banker) and Tuhin Jain. The brand Bonhomia has been created to blend innovation with taste in offering one-of-their kind beverage capsules to the caffeine-addict Indian customers.
The capsule format has already become the dominant form of consumption in western nations with brands like Nespresso & Keurig clocking Multi-billion dollar revenues. Bonhomia aims to build a similar empire in India.
Bonhomia’s capsules and brewing machines are available widely in all the major retail formats including Croma, Foodhall, Hypercity and Nature’s basket. The company plans to bite a larger share of the estimated USD 500 mn plus rapidly growing Indian Retail Coffee Market by strengthening and expanding their distribution and manufacturing capabilities exponentially in the coming months.
This is not the first investment for the company. In April 2015, it raised USD 2 Mn in two tranches from a group of angel investors including Kanwaljit Singh, Shripad Nadkarni, Apurva Salarpuria, Ashok Dhingra, Nita Mirchandani, Sarvesh Sahara , Ramrod Advisors, Gidwani family, Tolmolbol, and Nitesh Kripalani.
According to Tuhin Jain, Co-founder and CMO, Indulge Beverages, “The introduction of our single serve brewers to the retail consumers about 9 months ago has exhibited the huge consumer pull for the category as transactions on our own online platform bonhomiaworld.com have jump-shifted by over 20 times ”.
Further, company’s business income has grown 10 times compared to a year ago especially triggered by the expanded interest in the product in the retail channel. Bonhomia plans to grow its purchaser experience zones across the nation from current 60 to 150 before the year ends, based on the strong consumer response.