Advertisement

Business

Updated on: Monday, August 23, 2021, 10:58 AM IST

Bengaluru-based startup O’ Be Cocktails raises Rs 3.5 cr angel funding led by Bhavish Aggarwal from Ola, others

Nitesh Prakash, Founder and CEO,  O’ Be Cocktails. | O’ Be Cocktails

Nitesh Prakash, Founder and CEO, O’ Be Cocktails. | O’ Be Cocktails

Advertisement

Bengaluru based RTD cocktail startup, O’ Be Cocktails today announced it has raised Rs 3.5 cr angel funding-first round of investment, led by First Cheque, Letsventure , Bhavish Aggarwal and Ankit Bhati from Ola, Abhishek Goyal – Founder, Tracxn and Sprout Investments. The investment raised in this round will fund O’ Be Cocktails’ core strategy of growing sales through retailers as well as continuing to increase its production of new premium cocktail range.

The global ready to drink cocktails market size is expected to reach $1775.1 million by 2028, registering a CAGR of 12 percent over the forecast period as per research and market global report. According to another report published by Goldstein Market Intelligence, India is the third-largest alcoholic beverage market, after China and Russia, estimated to grow at a CAGR of 7.4 percent during the forecast period of 2017-2030.

With most of the country under lockdown and restricted movement, RTD beverage sales spiked last year, and with an increase in consumers who prefer to drink their cocktails at home, O’ Be Cocktails identified a gap in the market for premium ready to drink cocktails that could be experienced anytime and anywhere, it said in a press release.

The startup was launched by Nitesh Prakash in 2020. “Everyone loves a cocktail, but not everyone has the know-how or means to make one at the comfort of their homes. The Indian alcohol market is still in very early stages of growth on per capita consumption and premiumisation. With O' Be Cocktails, we have seen tremendous response from consumers and an even greater amount of demand for RTD alcoholic beverages. Our aim is to become the pioneers of the ready to drink category growth with the right blend of product, brand and sales,” says Nitesh Prakash, Founder and CEO of O’ Be Cocktails.

“The Indian alcohol market is a huge, fast growing $35 billion market. We however haven’t seen much product innovation from the incumbents over the past few years despite newer categories like Ready-To-Drink cocktails gaining lots of ground internationally. We believe the time is ripe for ready-to-drink cocktails to take the Indian market by storm and we love the product and brand that Nitesh and team are building”, said Kushal Bhagia, CEO, FirstCheque.vc

The brand is currently present in 200 premium stores and has recorded strong growth and consumer reception for the cocktails across Bangalore and Goa. In FY 21-22, the company aims to launch new cocktail variants and reach to 1000+ outlets across other urban markets.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Monday, August 23, 2021, 10:56 AM IST
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement