Sleepy Owl has raised $6.5 million (about Rs 48.3 crore) in funding, led by existing investor Rukam Capital.
(From L-R) Thandi, Arman Sood, and Ashwajeet Singh
New Delhi: The series A funding raised by the Delhi-based direct to consumer (D2C) firm, which operates in the ready-to-drink coffee space, also saw participation by existing investor DSG Consumer Partners and others, a statement said. The company has raised $8.5 million in total. Ajai Thandi, the co-founder at Sleepy Owl, said the funds would be used to go deeper into existing retail markets across India. Founded in 2016 by Thandi, Arman Sood, and Ashwajeet Singh, Sleepy Owl’s product portfolio includes cold brew packs, hot brew bags, ready-to-drink cold brew bottles, ground coffee, brew box and merchandise. The company aims to close with an ARR (annual revenue run rate) of Rs 60 crore by March 2022. In other development, Zvolv, an enterprise SaaS platform, raised $1.5 million (about Rs 11.1 crore) in funding, led by JSW Ventures. The round also saw participation from Riso Capital, a Silicon Valley based VC fund. Zvolv plans to use the funds to expand its customer base globally, drive rapid adoption in an increasingly work-from-anywhere world, among other things.