Coffee products manufacturer Rage Coffee on Tuesday raised $5 million in funding by Sixth Sense Ventures, PTI reported.
The proceeds from the fundraiser will be used to expand its online presence. The money will also be used to scale up production and for marketing and distribution purposes.
“We are excited to work with Sixth Sense Ventures – veteran FMCG investors, through this round of funding. Therefore, we plan to double down on our efforts across all the channels. We are successfully building a truly omnichannel FMCG brand, with distribution strategies being implemented for the first time, given our digital DNA. In fact, our direct-to-consumer channel has grown 10x during the pandemic,” Bharat Sethi, founder, and chief executive officer, Rage Coffee told PTI.
As reported by LiveMint, Sethi also added that the company is already working with distributor partners in the US, Europe and Gulf Cooperation Council (GCC) to launch its products internationally.
“With increasing adoption of the cafe 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,” Nikhil Vora, CEO and founder of Sixth Sense Ventures told PTI.
Rage Coffee was founded in 2018 by Bharat Sethi and Arijit Mitra. The company was recently accepted into Amazon’s Global Selling Accelerator Programme which helps Indian brands get global exposure.
