In a significant move, Bummer, the emerging innerwear company, has successfully raised INR 9.25 Crores in a Pre-Series A1 funding round. This funding round, led by Gruhas Collective Consumer Fund is a crucial step in Bummer’s journey and it will be utilized for strategic expansion, team development, and establishing a multi-channel offline presence.
Key Highlights:
- Bummer plans to strategically leverage the INR 9.25 Crore funding to expand into Tier 2, 3, and 4 cities, enhancing its presence in emerging markets across India.
- The company aims to establish over 10,000 offline touchpoints within the next 5 years, utilizing Exclusive Brand Outlets, Multi-Brand Outlets, and Large Format Stores to create diversified revenue streams.
- A portion of the funding will be allocated to team expansion and skill development, enhancing workforce expertise to address market challenges and drive sustained growth.
With Fluid Ventures continuing its support from December 2022, this funding round positions Bummer as a key player in the innerwear industry. The focus is on achieving a $100 million valuation within the next 5 years, with an emphasis on generating 50% of revenues from key cities such as Ahmedabad, Indore, Hyderabad, Chandigarh, Bhopal, and Jaipur.
Bummer’s commitment extends to establishing a robust marketing foundation and an omni-channel brand presence through offline expansion, with 10,000+ touchpoints nationwide, including Exclusive Brand Outlets, Multi-Brand Outlets, and Large Format Stores.
The company is actively recruiting seasoned key management personnel to drive expansion into new channels, particularly offline retail. Bummer aims to reach EBITDA breakeven within 12 months, solidifying its position as a disruptor in the innerwear category.
While the immediate focus remains on India for the next 24 months, Bummer envisions global expansion into South-East Asia and the Middle East, conducting smaller, intermittent pilots to gauge potential opportunities. Less than 5% of the budget is allocated to these global market initiatives.
“We’re embarking on an elevating chapter for Bummer, and this Pre-Series A1 funding round marks a significant milestone in our journey. The support and leadership from Gruhas Collective Consumer Fund and Fluid Ventures fuel our vision of expanding with a skilled managerial team. 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,” Sulay Lavsi, the Founder and CEO of Bummer.
“Team Bummer has crafted a brand that resonates with the young at heart and comfort first consumer in a rapidly evolving domain: the underwear and loungewear space. Bummer is disrupting the longstanding monopoly held by a handful of players in the men’s underwear Category. We believe that Bummer’s innovative approach, coupled with its quality products and edgy new-age design is perfectly positioned to capture the Gen-Z market. With our first investment from the GCCF fund, we look forward to supporting brands that actively shape the future of their respective industries,” Abhijeet Pai, Co-founder of Gruhas & General Partner- GCCF.
“At Collective Artists Network, we are committed to being the torchbearers of pop culture in India. Bummer’s approach resonates harmoniously with our ethos, and we firmly believe that the creator economy is poised for explosive growth. We are enthusiastic about contributing to their narrative in the consumer space and shaping the future landscape of creative expression,” Vijay Subramaniam, Founder and Group CEO of Collective Artists Network.
With the newly secured funds, Bummer is poised for an exciting phase of growth, reaffirming its commitment to providing comfortable, sustainable, and fashionable choices to its audiences.
Founded in 2020 by Sulay Lavsi, Bummer is a game-changer in the Indian innerwear industry, offering ultra-soft, eco-conscious comfort wear crafted from BeechWood Trees’ micro modal fiber. The brand challenges norms and celebrates individuality with bold prints and a vibrant online presence.
GCCF is a VC fund that brings a fresh approach to consumer ventures, offering targeted capital infusion and unparalleled insight. It is a partnership between Gruhas and Collective Artists Network, focusing on early-stage investments in new-age consumer-focused brands building for India.
