Co-Create Ventures, a Bengaluru based investment firm has acquired Indulge Beverages, which owns coffee and tea brand Bonhomia. Financial details of the deal were not disclosed.
“Indulge is a great company and the founders have done a fantastic job in building the brand Bonhomia. We are delighted to take on the baton from the founders and grow the company multi-fold over the next few years,” Suresh Narasimha, CEO, Co-Create said in a statement.
City-based Indulge Beverages was founded by London-based former investment banker Kunal Bhagat and ex-Pepsico executive Tuhin Jain. Both the founders exited the venture via sale to Co-Create.
“Bonhomia has redefined coffee consumption in India and our figures show that the trend is here to stay. We have taken the brand from concept to market dominance and are excited to now move on to other professional challenges,” Kunal Bhagat, Founder and CEO, Indulge Beverages said in a statement.
Bonhomia, the maker of premium single serve coffee and tea in the country, raised USD 2.5 million plus in previous tranches from a group of super angels, including Fireside Ventures, Shripad Nadkarni, Apurva Salarpuria, Ashok Dhingra, Nita Mirchandani, Sarvesh Sahara, Ramrod Advisors, Gidwani family and Tolmolbol, as per a company statement.
Bonhomia is present in all major cities in the country and their capsules and brewing machines are widely available across all modern trade formats.
The company plans to leverage their strong distribution and manufacturing capabilities to grow exponentially in the coming months and gain a larger share of the estimated USD 500 million plus and rapidly growing Indian retail coffee market.