O' Be Cocktails Raises INR 3.5 Crore In Bridge Funding Round
The fund raised will be used to build the scale of the distribution to reach every cocktail consumer in India and also for broadening the current range of the startup
O' Be Cocktails, Bengaluru-based ready-to-drink premium Cocktail startup, has raised INR 3.5 crore in a Bridge round. The funding round is led by Sattva Family Office, Gaurang Jhunjuhwala (partner, Mckinsey), Ankit Bhati (co-founder, OLA), LetsVenture and others. The fund raised will be used to build the scale of the distribution to reach every cocktail consumer in India and also for broadening the current range of the startup.
"We have crafted a great range of ready to drink cocktails with the art of mixology and science of consistency, consumers and our investors loved the cocktails. The current investment is going to help us reach O' Be Cocktails with a wider range of consumers. At O' Be, we are aiming to lead the ready to drink industry in Indian markets and outside," said Nitesh Prakash, founder and CEO, O' Be Cocktails.
O' Be Cocktail has sold 1 lakh cocktails and is planning to 10 lakh in the next 12 months across Pan India and projecting a monthly revenue of INR 1 crore. The brand aims to achieve INR 100 crore in the next 5 years across Indian and international markets. It also aims to be a global brand in the next 5 years, claimed by the company in a statement.
"Ready to drink is revamping the beverage consumption across the globe, and we loved what the team at O' Be Cocktails are trying to do. Alco-bev is not an easy category to be in. The team has shown consistent efforts in the right direction to lead the upcoming growth of RTD in Indian markets," said Shivam Agarwal, Sattva Family Office.
Launched in 2021 by Nitesh Prakash, O' Be Cocktails offers ready-to-drink premium cocktails. With an 8 per cent alcohol by volume, the brand currently has 4 cocktails under its portfolio which include O' Be Fab Cosmopolitan, O' Be Sauve Gin & Tonic, O' Be Lively LIIT and O' Be Zesty Mojito.
As per market reports, the market pace of RTD globally is estimated at $782.8 million out of 2021 and is expected to expand at a CAGR of 13.4 per cent from 2022 to 2030. In terms of volume, it is expected to grow at a CAGR of 12.15 per cent during the same period.