Updated: Oct 27, 2020
Svami, a Mumbai-based FMCG startup that sells non-alcoholic aerated beverages, has raised Rs 6.5 crore in a bridge round leading up to a Series A round. It was led by Mumbai Angels Network, with participation from current investors including Rukam Capital Trust; Niren Shah, Managing Director of Norwest Venture Partners; and Ashish Chand’s family office — Yukti Securities.
The startup plans to use the newly-raised funds to penetrate deeper into existing geographies and grow into newer cities in India and to launch a ready-to-drink product line.
Speaking about the fundraise, Sahil Jatana, Co-Founder and CEO of Svami, said, “Since launch, we have seen massive product acceptance across retail and HoReCa (Hotel/Restaurant/Café) and now, we are doubling down on our first mover advantage with deeper retail presence and a new category launch. Fundraising in the time of COVID-19 and an era of Zoom calls has affected the way we work, and we are happy to have Mumbai Angels be a part of our journey."