Bummer, the direct-to-consumer (D2C) innerwear brand, has recently secured Rs 9.25 crore in funding, led by Gruhas Collective Consumer Fund and Fluid Ventures Fund. The investment marks another milestone for the Shark Tank-famed brand as it continues to expand its presence in the market.
The recent funding round involved the issuance of 2,16,121 pre-series A1 CCPS at an issue price of Rs 428 each, as per the regulatory filing sourced from the RoC. Gruhas Collective Consumer Fund contributed Rs 8 crore, while Fluid Ventures Fund participated with Rs 1.25 crore.
Gruhas Collective Consumer Fund, co-founded by Nikhil Kamath and Abhijeet Pai, played a significant role in this funding round. The capital infusion will fuel Bummer’s expansion plans and further development of its product categories, as outlined in the regulatory filings.
Established in 2019, Bummer specializes in comfort wear and innerwear for both men and women. The brand sets itself apart by emphasizing sustainability, with its products using 47% less water for manufacturing and reducing carbon footprint by 18%.
Following the latest funding, Gruhas emerged as the largest external stakeholder, holding 17.3% of the company. Other major stakeholders include Beenext Asia, Fluid Ventures, and Thapar Vision LLP. Founder and CEO Sulay Lavsi, along with his family, retain a significant stake of 45.97% in the company.
The valuation of Bummer post-allotment is estimated to be around Rs 46.5 crore or $5.6 million, according to TheKredible’s analysis. This valuation reflects the brand’s potential and growth trajectory in the competitive D2C innerwear market.
Prior to this funding round, Bummer secured investments from Singapore’s Beenext and received Rs 75 lakh on the television show Shark Tank India, led by prominent investors Aman Gupta, co-founder and CMO of boAt, and Namita Thapar, CEO of Emcure Pharmaceuticals.
In the fiscal year ending March 2023, Bummer witnessed a remarkable growth in revenue from operations, which surged three-fold to Rs 7.83 crore. However, the firm also experienced an increase in losses, which spiked 2.8X to Rs 2.94 crore during the same period.
The recent funding round underscores investor confidence in Bummer’s business model and growth potential. As the brand continues to innovate and expand its product offerings, it aims to solidify its position as a leading player in the D2C innerwear segment, catering to the evolving preferences of consumers in India and beyond.
Stay tuned for more updates on Bummer’s journey and its impact on the innerwear industry landscape.
