In a significant development for the direct-to-consumer (D2C) innerwear sector, Bummer, a brand that gained recognition through Shark Tank, has secured a substantial investment of Rs 9.25 crore. The Gruhas Collective Consumer Fund leads this investment with additional Fluid Ventures Fund support.
According to regulatory filings obtained from the RoC, Bummer has issued 2,16,121 pre-series A1 CCPS at Rs 428 each, raising a total of Rs 9.25 crore. Notably, Gruhas Collective Consumer Fund, co-founded by Nikhil Kamath and Abhijeet Pai, contributed Rs 8 crore to this round, with Fluid Ventures Fund chipping in Rs 1.25 crore.
The capital infusion, as stated in the filings, is aimed at fueling Bummer’s expansion efforts and bolstering its product categories. Established in 2019, Bummer specializes in comfort wear and innerwear for both men and women, priding itself on sustainable practices. The company claims its products consume 47% less water during manufacturing and reduce carbon footprint by 18%.
Gruhas emerged as the most significant external stakeholder after this investment, holding 17.3% of the company. Other stakeholders include Beenext Asia, Fluid Ventures, and Thapar Vision LLP. Notably, founder and CEO Sulay Lavsi and his family retain a commanding 45.97% stake in the company.
This investment marks another milestone for Bummer, which secured funding from Singapore’s Beenext and received a Rs 75 lakh investment during its appearance on Shark Tank India. Notable investors from the show include Aman Gupta, co-founder and CMO of boAt, and Namita Thapar, CEO of Emcure Pharmaceuticals.
Despite facing challenges, Bummer has demonstrated robust growth, with revenue from operations surging three-fold to Rs 7.83 crore in the fiscal year ending March 2023. However, the company also experienced a proportional increase in losses, reaching Rs 2.94 crore during the same period.
With Gruhas Collective’s and other investors’ backing, Bummer is poised to further its commitment to sustainability while expanding its presence in the innerwear market. This investment not only strengthens Bummer’s position but also reflects investors’ growing interest in sustainable and innovative D2C brands.
