Direct-to-consumer (D2C) innerwear brand Bummer, famous for its appearance on Shark Tank, has successfully raised Rs 9.25 crore in funding, with Gruhas Collective Consumer Fund leading the round along with the participation of Fluid Ventures Fund.
According to regulatory filings sourced from the Registrar of Companies (RoC), Bummer’s board passed a special resolution to issue 2,16,121 pre-Series A1 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 428 each, raising a total of Rs 9.25 crore.
Gruhas Collective Consumer Fund contributed Rs 8 crore, while Fluid Ventures Fund participated with Rs 1.25 crore in the new funding round. Gruhas Collective Consumer Fund is a venture capital fund co-founded by Nikhil Kamath and Abhijeet Pai.
The raised capital will be utilized by Bummer to expand and enhance its product categories, according to the filed documents.
Established in 2019, Bummer specializes in selling comfort wear and innerwear for both men and women. The company emphasizes sustainability, claiming that its products use 47% less water for manufacturing and reduce the carbon footprint by 18%.
Following the latest funding, Gruhas has become the largest external stakeholder with a 17.3% share, followed by Beenext Asia, Fluid Ventures, and Thapar Vision LLP. The founder and CEO of Bummer, Sulay Lavsi, along with his family, holds a commanding 45.97% stake in the company.
According to estimates from TheKredible, post-allotment, Bummer is valued at approximately Rs 46.5 crore or $5.6 million.
Prior to this funding round, Bummer secured Rs 180,000 from Singapore’s Beenext and Rs 75 lakh on the TV show Shark Tank India, with Aman Gupta, co-founder and CMO of boAt, and Namita Thapar, CEO of Emcure Pharmaceuticals, leading the investment.
For the fiscal year ending March 2023, Bummer reported a threefold surge in revenue from operations, reaching Rs 7.83 crore, while the company’s losses increased 2.8 times to Rs 2.94 crore during the same period.
