Mumbai based FMCG startup Svami raises 6.5 crore in a bridge round leading up to a Series A round. The round was led by Mumbai Angels Network, with participation from current investors including Rukam Capital Trust; Niren Shah, Managing Director of Norwest Venture Partners; and Ashish Chand’s family office — Yukti Securities.
Svami was founded by Sahil Jatana, Rahul Mehra, and Aneesh Bhasin. The the consumer startup launched ‘3 Calorie Tonic Water’ with a D2C approach, which quickly became a success. During the lockdown, Svami took a number of measures to sustain the situation and at the same time, make a most of the difficult conditions.
Sahil Jatana, Co-Founder and CEO of Svami, said, “Since launch, we have seen massive product acceptance across retail and HoReCa (Hotel/Restaurant/Café) and now, we are doubling down on our first mover advantage with deeper retail presence and a new category launch. Fundraising in the time of COVID-19 and an era of Zoom calls has affected the way we work, and we are happy to have Mumbai Angels be a part of our journey.”
Nandini Mansinghka, Co-promoter and CEO, Mumbai Angels Network said, “Non-alcoholic beverage is relatively an uncovered space in India which allows companies to create innovation opportunities. Health conscious consumers are changing the narrative of this segment and companies have to adjust and accelerate their strategies in this fast-changing landscape. Svami is making non-alcoholic drinks on their premium platform as a part of our expanding portfolio in the food and beverage sector.”
Svami plans to use the newly raised funds to penetrate deeper into existing geographies and grow into newer cities in India and to launch a ready to drink product line.