Mumbai-based coffee startup, Toffee Coffee Roasters has raised 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.
Company said in a statement, that the fresh fund utilise to strengthen its product portfolio and grow its topline 10X in the coming months.
Nandini Shrivastava Co-founder of Toffee Coffee Roaster 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.”
Rajeev Sarda, Lead Investor IAN said, “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.”
Founded in 2019 by Nandini Shrivastava and Rishabh Nigam, Toffee Coffee Roasters was born in back lanes of Bandra and within 3 months opened its wings to Phoenix Marketcity Kurla and now serves Single Origin and Signature blends of coffee across India through its website and many integrated partners. It has been rated as top coffee spot in town by Zomato and WhatHot.
According to Market Money Report, 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.