GRM Overseas acquired a 44% stake in Rage Coffee in a mix of primary capital infusion and secondary purchase of shares, though it did not disclose the financial terms of the deal
GRM Overseas said the acquisition will strengthen its presence in the FMCG sector and accelerate its digital transformation journey by adding another digital-first brand in its portfolio
Founded in 2018 by Bharat Sethi, Rage Coffee manufactures and distributes coffee products across India. The startup claims to be the first plant-based vitamins coffee brand globally
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Listed FMCG company GRM Overseas has acquired a 44% stake in Delhi-based food and beverage D2C brand Rage Coffee in a mix of primary capital infusion and secondary purchase of shares.
However, the company did not disclose the financial terms of the deal.
In an exchange filing today (August 28), GRM Overseas said the acquisition will strengthen its presence in the FMCG sector and accelerate its digital transformation journey by adding another digital-first brand with a strong and differentiated proposition in its portfolio.
Rage Coffee founder and CEO Bharat Sethi also confirmed the development in a LinkedIn post.
“GRM Overseas Limited, a prominent player in India’s FMCG sector, has announced a strategic investment in Swmabhan Commerce Pvt Ltd, acquiring a 44% equity stake through primary infusion and secondary buyouts,” Sethi said, though he declined to share the full terms of the deal.
Founded in 2018 by Bharat Sethi, Rage Coffee manufactures and distributes coffee products across India. The startup claims to be the first plant-based vitamins coffee brand globally.
Besides, it also sells products like cold coffee brew bags, frothers and other merchandise. In 2022, it forayed into snack bars and cookies space, offering gluten-free snacks without preservatives.
Recently, Rage Coffee has also ventured into the out-of-home coffee market by installing bean-to-cup vending machines in offices and opening cafes.
The Delhi NCR-based startup surpassed INR 100 Cr in cumulative brand sales in December 2023, four years into its operations. Rage Coffee is eyeing a revenue target of INR 500 Cr in 2025.
According to Inc42 data, Rage Coffee has raised $5 Mn in funding till date and counts Sixth Sense Ventures, Refex Capital, and 9Unicorns, and ace cricketer Virat Kohli among its backers.
It competes against the likes of Chai Point, Third Wave Coffee, Chaayos, Vahdam Teas and Boba Bhai.
{{#name}}{{name}}{{/name}}{{^name}}-{{/name}}
{{#description}}{{description}}...{{/description}}{{^description}}-{{/description}}
.svg){kind=logo}
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.