Achieving goals demands an unwavering commitment to your dreams and genuine determination. While many individuals settle into their careers enticed by substantial pay packages, there are those who aspire for more. A case in point is Abhijeet Anand, the brain behind abCoffee, who relinquished a well-paying position that offered a salary of Rs. 1.3 crore to forge his own company.
Who exactly is Abhijeet Anand?
Hailing from an IIT Dhanbad background, Abhijeet Anand established abCoffee in Mumbai with the vision of revolutionizing the coffee industry and bringing top-notch coffee within reach of every coffee enthusiast in the nation. Commencing its operations in 2022, abCoffee has currently set up shop at seven locations in Mumbai and is on the brink of inaugurating its first outlet in Delhi.
Abhijeet Anand, a native of Bihar, discovered his fondness for coffee while working abroad and now wishes to bestow that same delight upon India. Prior to stepping into the coffee business, Anand’s professional journey spanned the petroleum sector.
Anand elucidated, “I was engaged in the oil sector in Romania, earning an annual salary of 160,000 dollars (approximately Rs. 1.3 crore). It was a serene life there. In 2021, I made the decision to return to India to contribute to the nation,” as reported by Zee News. Anand pursued a diploma in business law and entrepreneurship from the West Bengal National University of Legal Sciences. He further bolstered his qualifications with a master’s degree in political marketing from the Rome Business School, eventually culminating his academic journey with a degree in Petroleum Engineering from IIT Dhanbad.
According to Anand, upon his return to India in early 2021, he found himself spending between Rs. 20,000 and Rs. 25,000 on coffee each month. This expenditure prompted him to view coffee from a business perspective, aligning with his intent to establish his own enterprise.
Anand highlighted that one of the primary hurdles he encountered was the cost of coffee, with a cup of cappuccino priced at Rs. 250 to Rs. 300. Thus, he emphasized that making abCoffee affordable stood as a paramount objective. Offering a comprehensive array of classics including Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee, abCoffee ensures accessible prices as compared to other high-end specialty beverage establishments.
Sources from YourStory.com report that abCoffee sources its green beans directly from farms in Chikkamagaluru, ensuring that customers receive a product of exceptional quality at competitive rates. The firm boasts a remarkable 69% customer retention rate over an eight-month span, having dispensed over 28,000 cups of coffee, according to YourStory.com.
Anand further disclosed that abCoffee garners an annual revenue of Rs. 1.8 crore, with 80% of total sales stemming from deliveries and takeout services. The previous December witnessed a substantial contribution of $300K (Rs. 2.4 crore) to abCoffee from a conglomerate of angel investors and a venture capital firm.
