Toffee Coffee Roasters raises seed funding of INR 1 Cr from the Indian Angel Network (IAN). The funding round was led by IAN Lead Investors Hari Balasubramanian, Uday Chatterjee and Rajeev Sarda. Bootstrapped until now, the startup will utilise the fresh capital to strengthen its product portfolio and grow its topline 10X in the coming months.
Founded in 2019, Toffee Coffee Roasters is the brainchild of Nandini Shrivastava and Rishabh Nigam, owing to their shared love for coffee.
Toffee Coffee Roaster co-founder Nandini Shrivastava said, “With IAN backing us up, we intend to deepen the focus on our existing product categories. We are also looking to expand our team and have already started hiring across multiple roles. However, we believe in lean teams, so we plan to get the best talent onboard to solve the challenges in the sector.”
IAN Lead Investor, Rajeev Sarda said, “The coffee industry in India is growing, and we are witnessing the emergence of a new segment of consumers who are extremely taste conscious and are looking for speciality coffee with innovative blends. We firmly believe that new-age brands like Toffee Coffee Roasters are well positioned to garner a sizeable share of this growing demand. We at IAN are excited to be a part of this journey, and believe that Nandini & Rishabh have all the capabilities required to create a global consumer brand in Coffee from India.”
The Indian instant coffee market is evaluated at USD 0.7 billion, growing at a CAGR of 13 per cent. While the traditional players are into one or two coffee variations, they still currently capture 77 per cent of the market. New players have emerged to form a small portion of the market and are growing gradually to capture a significant market share.