GRM Overseas Ltd announced on Wednesday that it has acquired a 44% stake in Swmabhan Commerce Pvt Ltd, the parent company of digital coffee brand, Rage Coffee.
It said this is being done through a combination of primary infusion and secondary buyouts, marking a major step in its expansion into the growing Indian coffee market.
The company said the acquisition aligns with its broader strategy under its new platform, 10X Ventures, which aims to invest Rs 200 crore in next-gen, digital-first D2C brands.
Rage Coffee is the first significant investment under this platform, signaling GRM’s intention to diversify and strengthen its portfolio in the consumer packaged goods sector.
Rage Coffee, co-owned by Bharat Sethi, Sixth Sense Ventures and investors including cricketer Virat Kohli and actor Rannvijay Singha, offers a range of coffee products including instant coffee in freeze-dried, spray-dried and agglomerated forms, as well as whole beans, ground coffee and ready-to-drink beverages.
Its omnichannel distribution network spans D2C platforms, leading e-commerce and quick-commerce marketplaces, 1,000+ HoReCa outlets and 5,000+ general trade and modern retail touchpoints across India.
Bharat Sethi, Founder and CEO, Rage Coffee, said, “Our success is built on the trust and loyalty of our consumers and the passion of our team. In GRM, we have found a partner who not only understands our mission but also complements our strengths with their vast distribution network, enterprise capabilities and deep industry expertise. With GRM, under the leadership of Mr. Atul Garg, we will scale even greater heights and create sustainable value for all our stakeholders.”
Atul Garg, Managing Director, GRM Overseas Ltd, said, “This strategic investment in Rage Coffee is a perfect fit with our vision to drive growth in digital, health and lifestyle brands. Bharat Sethi’s innovative approach has already made Rage Coffee a household name among consumers.”
“We see tremendous potential in expanding Rage Coffee’s domestic presence and leveraging synergies with our established export markets. Coffee as a product category fits perfectly with our international growth strategy, and we are excited to combine our deep industry expertise and distribution capabilities with Rage Coffee’s dynamic offerings.”
He said the company plans to capitalize on its extensive distribution network to expand Rage Coffee’s presence domestically and internationally, potentially supplying coffee beans and soluble powder to existing customers in international markets and opening cafes under the Rage Coffee brand.
GRM Overseas strengthens its position in the Indian packaged food market, catering to the evolving preferences of new generation consumers.
The company reported a revenue of Rs 1,345 crore and a profit of Rs 105 crore in FY24 and aims to derive 20% of its future revenue from new-generation businesses like Rage Coffee while maintaining its leadership in rice, atta and edible oil.
Nikhil Vora, CEO and Founder of Sixth Sense Ventures, added, “We are delighted to welcome GRM Overseas as a strategic investor in Rage Coffee. Over the last three years, Rage has built a formidable digital brand among the next generation of coffee consumers. We believe that GRM’s extensive sales and distribution network will open up significant market opportunities for Rage to grow internationally.”
