Radiohead Brands, the company responsible for Jimmy's Cocktails and a range of sparkling mixers, has successfully concluded its pre-Series A funding round, securing a total of ₹35 crore.
The latest funding round, totalling ₹12.2 crore, was spearheaded by Prath Ventures. It also saw contributions from Capital Ventures, Illeyrium Ventures, angel investors Neel Bahl and Sandeep Aggarwal of Droom, as well as existing investors.
Specialising in cocktail premixes and a variety of sparkling beverage mixers including tonic water and ginger ale, Radiohead Brands competes in the non-alcoholic beverage market alongside established brands such as Sepoy & Co., Franklin & Sons, Svami, and Jade Forest.
Previously, in July of this year, the company had secured ₹11 crore in a pre-series A funding round from Vijay Shekhar Sharma and Prath Ventures.
Ankur Bhatia, the founder and CEO, emphasised the company's commitment to sustainable and profitable brand building. He highlighted the company's focus on cash flow, zero credit sales, and account-wise profitability. The company was co-founded by Bhatia and Nitin Bhardwaj, who serves as the COO.
Reporting a substantial ₹80 crore in gross revenues for FY23, Radiohead Brands anticipates reaching ₹100 crore by the end of the current fiscal year. Their target is to achieve profitability by the following year.
Piyush Goenka, the founder of Prath Ventures, praised the company's adeptness in brand building and distribution. He expressed confidence in the company's potential to become a leading player, lauding its diversified portfolio.
According to the Indian Council for Research on International Economic Relations (ICRIER), a prominent economic policy think tank, the country's non-alcoholic beverage market is projected to witness robust growth. ICRIER's 2022 report forecasts a substantial compound annual growth rate (CAGR) of 8.7%, estimating the market to soar to ₹1.47 trillion by 2030.
This anticipated growth contrasts starkly with the pre-pandemic market value of ₹67,100 crore in 2019, encompassing soft drinks, juices, bottled water, and fruit-based beverages.
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