The investments will be allocated towards bolstering team skill development, aiming to enhance expertise to tackle market challenges and foster continuous growth.
Bummer, a clothing company, has raised 9.25 Crores in a Pre-Series A1 funding round. The funding spearheaded by Gruhas Collective Consumer Fund marks one of its first investments as a fund. Fluid Ventures is consistent with its strategic backing to the company which made its initial investment in December 2022, the company said in a statement.
It further added that the investments will help the brand to target a formidable $100 million company within the next 5 years.
Expecting to generate 50 per cent of revenues from key cities like Ahmedabad, Indore, Hyderabad, Chandigarh, Bhopal, and Jaipur, the focus is on amplifying brand awareness and expanding into Tier 2, 3, and 4 cities across India, it said.
“Bummer is focusing on sustainable growth to reach EBITDA breakeven within 12 months. It is actively seeking to recruit seasoned key management personnel (KMPs) to drive expansion into new channels, including offline retail. While Bummer’s immediate focus remains on India for the next 24 months, the vision extends beyond borders, as it views South-East Asia and the Middle East as potential global markets for the product,” it said.
The company said that it will conduct smaller, intermittent pilots in the global market to gauge potential opportunities. Currently, its global expansion efforts will be conservative, with less than 5 per cent of the budget allocated to these pilots.
Sulay Lavsi, the Founder and CEO of Bummer, "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, a strong trustful brand image and we're set to revolutionize this stagnant category, elevating its fashion appeal along with sustainability.”