Medusa Beverages Bags INR 56 Cr To Scale Up Its Operations

SUMMARY

The fundraise also saw participation from veteran investor Ramesh Damani and Crest Opportunities, along with a host of high net worth individuals (HNIs) from Singapore, UK and UAE

Medusa plans to deploy the fresh proceeds for scaling up its operations, besides forging partnerships with distributors and boosting its market presence across the country

The Delhi-based startup has raised INR 13 Cr in total funding till date

Homegrown beer brand Medusa Beverages has secured INR 56 Cr (around $6.5 Mn) in a Series A funding round co-led by Ohm Stock Broker’s managing director Amal N Parikh and Alchemy Capital Management cofounder Ashwin Kedia.

The fundraise also saw participation from veteran investor Ramesh Damani and Crest Opportunities, along with a host of high net worth individuals (HNIs) from Singapore, UK and UAE.

The Delhi-based company plans to deploy the fresh proceeds for scaling up its operations, besides forging partnerships with distributors and boosting its market presence across the country.

Medusa’s founder and chief executive Avneet Singh told Inc42 that the company is looking to expand its footprint across Assam, Andhra Pradesh and Maharashtra.

“With the support of our investors, we are excited to expand our operations, build a diverse portfolio of brands, and strengthen our presence in key markets,” Singh said in a statement.

Founded by Singh in 2017, Medusa Beverages is a craft beer brand that offers three different kinds of beer to consumers across its markets. The company’s available at 7,000 retail outlets in seven states, including Delhi, Uttarakhand, Punjab, Chandigarh, Uttar Pradesh, Chhattisgarh, and Himachal Pradesh.

The startup has raised INR 13 Cr in total funding till date.

On the financial front, Medusa reported a gross revenue of INR 132 Cr in FY24, driven by its flagship beer’s consistent demand, Singh previously told Inc42 in December.

“For FY25, we are forecasting revenue in the range of INR 175 Cr,” Singh had added.

This funding comes at a time when investors are increasing their bets on the growing alcohol industry to help them scale their production and expand their market presence across the country.

For instance, in November last year, homegrown beer brand Proost Beer bagged INR 30 Cr (around $3.5 Mn) to boost its supply chain and product stack as well as scaling up the brand.

Meanwhile, Goa-based alcobeverage startup Latambarcem Brewers (LB Brewers) raised $1.5 Mn (INR 12.5 Cr) to expand its presence in the country and increase manufacturing capacity, while it also looks to grow its team, bolster its marketing efforts, and strengthen supply chain infrastructure.