The latest deal witnessed Cap70 Angels complete the transaction in one of the quickest turnaround duration negating the otherwise apprehensive gestation period typically encountered by entrepreneurs.
It is also planning to open exclusive brand stores for customers to experience the product. It would also invest in technology to enhance its production, supply chain, and forecasting capabilities.
The raised funds will be utilised to accelerate the growth journey by expanding to 50 Dark Stores across 4 cities and to build technology with fully integrated temperature monitoring.
This substantial investment, backed by a blend of existing and new investors including Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agility Venture.
The infusion of capital from BanyanTree Growth Capital is poised to propel Angels into a new era, leveraging Nirula's national presence boasting 175+ outlets, thus ensuring that more locations across the country will soon be "touched by an Angel."
The company plans to utilize this capital for nationwide expansion, strengthening its supply chain, improving its operational capabilities, and making strategic investments in technology.
The capital infusion will enable abCoffee to bolster its technological infrastructure, diversify its product offerings, and extend the reach of its budget-friendly specialty coffee through its retail grab-and-go outlets across India
At present, the brand operates in India and Japan with 4 roasteries, over 80 physical outlets across major Indian cities and regions including Delhi NCR, Mumbai, Bangalore, Hyderabad, Kolkata, Chandigarh, Mohali and Pune.
This strategic move is a pivotal step in JustMyRoots' overarching strategy to broaden its footprint within the nationwide packaged intercity food market.