Delhi-based Indulge Beverages which owns and operates tea and coffee capsules maker brand Bonhomia, has raised $1 million in angel funding from HNI’s lead by Alok Rawat, president of FGWilson and an early investor in Grey Orange Robotics as well as Neeta Mirchandani from Kae Capital and Kanwaljit Singh, the founder of Fireside Ventures among others.
Founded in 2012 by former merchant banker Kunal Bhagat and Tuhin Jain, Indulge Beverages makes coffee pods that are roasted, ground and encapsulated in less than 24 hours. It retails its tea and coffee pods through eCommerce platforms Snapdeal and Fab-Mart and few of its clients include hotel chains Taj Group, Starwood Properties and the Oberoi Group. The company has also tied up with brick-and-mortar retailers such as Modern Bazaar and Godrej Nature’s Basket, among others.
The raised funding will be used by the firm to expand its retail presence in the country. “We have sold over 1 lakh capsules in the last month, besides expansion the funds are going to be used to improve our back-end capabilities and develop our team,” said Kunal Bhagat, Co-founder of Indulge Beverages.
Last year, the company raised $2 million funding from former MD of Helion Venture, Kanwaljit Singh and real estate group scion Apurv Salarpuria of Salarpuria Group, among others.
Earlier this month, Blue Tokai Coffee Roasters, a Delhi-based online coffee retailer raised an undisclosed amount of seed funding led by Snow Leopard Ventures with participation from Bold Ventures. Last month, Ratan Tata has also acquired minority stake in tea e-tailer Teabox.com.