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DropKaffe raises $ 300,000 funding led by Manish Singhal & P39 Capital
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Saturday, 05 September, 2015, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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fiogf49gjkf0d DropKaffe, which is an online on-demand coffee shop, has raised $300,000 funding led by Bengaluru-based Manish Singhal and Silicon Valley-based P39 Capital. Other investors include prominent angels from the US, India and Singapore.
The company is making people reimagine coffee by delivering freshly prepared coffee and snacks to the doorstep, offering wider choices at affordable prices. The company started five months ago and is currently operational in Bangalore with plans to expand to more cities in the coming months.
It is founded by Rakshit Kejriwal, Lakshmi Dasaka, Chaitanya Chitta and Amar Yashlaha. Prior to DropKaffe, the team worked together on SmartOn - an education technology startup that was part of TechStars Accelerator in New York last year.
“We are fully integrated from sourcing the coffees directly from the estates to delivering a freshly brewed coffee to the customer. Our products fulfil four core promises - fresh, consistent, accessible, and affordable. Our vision is to build a coffee brand that will delight our customers through product and technology innovation. From sourcing to roasting to brewing to delivering, we are innovating at every step of the way. The growing on-demand behaviour coupled with increasing appetite for coffee and cafe style food gives us an opportunity to build a unique and differentiated business,” stated Lakshmi Dasaka, co-founder, DropKaffe.
Speaking about the investment, Ray Nathan, partner at P39 Capital informed, “During my discussions with the team, I found them to be savvy, thorough and methodical in their approach. With their ability to deliver consistently high quality food and beverage, I believe, they offer better choice and convenience for Indian consumers and by doing so they're poised to become market leaders in this space.”
Manish Singhal, angel investor in DropKaffe, said, “It all literally started over a cup of coffee, when the team pitched the idea of DropKaffe to me. Slowly their coffee grew on me and from a customer, I became an investor. With their premium blends and unique preparation methods, they are a differentiated product company set to establish a new benchmark and brand in the cafe segment. I wish them all the best and it is my pleasure to be associated with DropKaffe right from day one.”
Rakshit Kejriwal, co-founder, observed, “We’ll be using the funding to hire more talent and expand across Bengaluru. We will have 10 DropKaffe fulfillment centres by the end of October. To make the ordering experience seamless, we are also launching our native android app and working on IoT enabled ordering solutions in the coming weeks.”
With over 50 different coffees on the offering, unique brewing methods and the ultimate luxury of getting coffee delivered, DropKaffe is changing the coffee consumption patterns. The company offers a daily changing menu and a range of accompaniments to go with coffee that includes burgers, bakes and non-caffeine beverages. The company has served over 50,000 coffees, has a strong loyal customer base with 80% of revenues coming from repeat purchases and enjoys a 4.3 rating on Zomato. The company is 50-member strong including award winning baristas and chefs.
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