Specialty coffee Quick Service Restaurant (QSR) chain abCoffee has successfully raised $3.4 million in its Series A funding round, led by Nexus Venture Partners and featuring participation from existing investor Tanglin Venture Partners. Prior to this round, the startup secured $2 million in its seed round, led by Tanglin Venture in September of the previous year.
The raised capital will be utilized to enhance abCoffee’s supply chain and technology infrastructure, enabling the provision of on-demand coffee beverages at more competitive prices in a shorter timeframe, according to a press release from abCoffee.
Established in 2022 by Abhijeet Anand, abCoffee offers a diverse range of freshly brewed coffees at affordable prices, encompassing traditional blends such as Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee.
The company boasts an impressive customer loyalty rate of 61%, nearly double the industry average, underscoring its commitment to exceptional service with a remarkable turnaround time (TAT) of 1.5 minutes.
Recently, the brand expanded its footprint by opening 25 outlets across Mumbai and Delhi within a span of 20 months. With an ambitious growth plan, abCoffee aims to establish 150 stores by the end of 2024.
Competing with brands like Third Wave Coffee, Blue Tokai, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co., abCoffee stands out with its focus on delivering high-quality coffee with quick service and competitive pricing.
