Zerodh’s Nikhil Kamath founded Gruhas Collective Consumer Fund along with Fluid Ventures- have injected ₹9.25 crores in Bummer – an innerwear brand that appeared on Shark Tank India, in their Pre-Series A1 funding round.
Fluid Ventures has been an existing investor in Bummer since December 2022.
The Board of Bummer passed a special resolution to issue 2,16,121 pre-series A1 CCPS at an issue price of Rs 428 a share to raise Rs 9.25 crore, its regulatory filing sourced from the Registrar of Companies showed.
Gruhas Collective Consumer Fund has infused Rs 8 crore, while Fluid Ventures Fund added Rs 1.25 crore in the latest round.
The latest round is a stepping stone in positioning the brand as a $100 million company within the next half a decade. The company aims to bolster its topline by bringing in 50 percent of revenues from cities like Ahmedabad, Indore, Hyderabad, Chandigarh, Bhopal, and Jaipur.
The company strategizes to create brand awareness and set foot in Tier 2, 3, and 4 cities across India, said the innerwear company.
Sulay Lavsi, the Founder and CEO of Bummer, said, “The support and leadership from Gruhas Collective Consumer Fund and Fluid Ventures help fuel our vision of expanding with a skilled managerial team. In an industry marked by minimal growth and dominated by a few major players for decades, we see ourselves as a disruptor of this category. Together, we are committed to propelling the brand’s growth with skilled teams, and a strong trustful brand image and we’re set to revolutionize this stagnant category, elevating its fashion appeal along with sustainability.”
The Shark Tank famed startup is focusing its trajectory on the domestic market for the next 24 months. However, sequentially, it plans to transcend beyond borders, tapping Southeast Asia and the Middle East potential markets for the product.
The brand will run vest-pocket, intermittent pilots in the global market to understand potential opportunities underpinning expansion. It would, however, pursue a conservative approach in expanding overseas, with up to 5 percent of the budget earmarked for these pilots.
The investment by Zerodha’s Nikhil Kamath and Fluid Ventures in Bummer underscores their confidence in the brand’s potential. With a significant infusion of funds, Bummer aims to solidify its position in the innerwear market and expand its reach across Tier 2, 3, and 4 cities in India. This strategic move aligns with the company’s vision of becoming a $100 million brand and disrupting the industry with its innovative approach and focus on sustainability. Bummer’s plans to explore international markets while maintaining a cautious approach demonstrate its commitment to long-term growth and success.