Packaged food brand Rage Coffee on Tuesday said it has raised about $5 million in its Series A funding round led by Sixth Sense Ventures. This comes close on the heels of the brand being accepted into Amazon’s Global Selling Accelerator Program, which plans to take Indian brands to global markets through the Amazon network.
The start-up, which makes coffee products, was founded in 2018 and sells its products through its own website, other online platforms, and over 1,000 offline touchpoints through a network of distributors.
It plans to utilise the fresh funds to ramp up its distribution and marketing, scale up production, add senior management talent and add new products.
Bharat Sethi, Founder & CEO, Rage Coffee, said, “We are successfully building a truly omnichannel FMCG brand. With this round of funding, we have our sights set on fulfilling our global demand through distributor partners in US, Europe & GCC markets. We see ourselves continuously developing innovative new products in the years to come.”
Rage Coffee sells its flavoured instant coffee range along with products such as roast coffee and cold brew coffee bags.
The Indian packaged coffee segment is pegged at about ₹7,000 crore and largely dominated by players such as Nestle India and HUL.
Nikhil Vora, CEO and Founder of Sixth Sense Ventures, added, “With increasing adoption of the café culture and changing consumer preferences within hot beverages ,in favour of coffee, our sense is that the segment will witness a strong increase in penetration. We believe Rage Coffee is extremely well positioned to resonate with these new age consumers and create a strong brand affinity for its products."