Alcobev Startup LB Brewers Bags Funding To Up Production Capacity, Expand Footprint

Goa-based alcobeverage startup Latambarcem Brewers (LB Brewers) has raised $1.5 Mn (INR 12.5 Cr) in its pre-Series A funding round led by LBB Investor SPV (special purpose vehicle), a group of ultra-high-net-worth angel investors.

The funding round also saw participation from Housing.com CEO Dhruv Agarwala, Sheba Venture Holding, among others. 

In a statement, the startup said it will use the funding to expand its presence in the country and increase manufacturing capacity. LB Brewers also plans to deploy the funds to grow its team, bolster its marketing efforts, and strengthen supply chain infrastructure. 

Founded in 2017 by Aditya Ishan Varshnei and his brother Anish Varshnei, LB Brewers is a vertically integrated beverage company. Its portfolio includes craft beer brand Maka Di and Borecha, a functional beverage line. 

The startup claims to have a presence in the US, Canada, the UAE, and other global markets. It plans to enter 11 European countries within the ongoing calendar year. 

The startup aims to have an annual revenue of INR 300 Cr within the next three years.

Commenting on the funding, CEO Aditya said, “We’ve always prioritised building a solid foundation, focusing on exceptional R&D, product development, and packaging. This investment allows us to amplify our efforts and reach new heights. We’re excited to expand our team, enhance our marketing strategies, and ensure wider availability of our innovative beverages to consumers across India.” 

LB Brewers competes with giants like Diageo, Pernod Ricard, and Bacardi, as well as startups like Bira 91, in the fast-growing Indian alcoholic drinks market. This expanding market has spawned a number of startups and also drawn the attention of investors.

In fact, Bira 91 is looking to hit the public markets by 2026. The startup is backed by the likes of Peak XV Partners, Sofina Ventures, Japan’s Kirin’s Holdings, and MUFG Bank. Its operating revenue rose 15% to INR 824.3 Cr in FY23 from INR 718.8 Cr in the previous fiscal year. Meanwhile, net loss increased 12% year-on-year to INR 445.4 Cr in FY23.

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