Liquor Startup Boutique Spirit Brands Raises INR 80 Cr Funding
The investment will help to launch new products, scale-up and expand retail footprint as well services to customers across India
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Liquor startup Boutique Spirit brands recently announced raising INR 80 crore in the combination of equity and debt by IIFL, Anicut Angel Fund, Kae capital, Narendra Madhusudan Murkumbi, and Vikramaditya Mohan Thapar Family Trust. TradeCred came in as a debt partner with INR 60crore. Five family offices on the TradeCred platform participated in the debt issue.
The funding will help the company with new product launches, scaling up and expanding its retail footprint as well as servicing customers nationally, and building a strong profitable business by bringing inefficiencies.
"The investment comes at a time when we have big plans of launching premium spirits all over the country. The funding getting closed in such a short span is the testimony of the fact that the investors see a lot of potential in our company and have faith in our team and belief in our vision of expansion," said Rahul Gagerna, founder and chief executive officer, Boutique Spirit Brands.
Incorporated in 2016, Boutique Spirit Brands (BSB) is a multi-category spirits brand that specializes in manufacturing branded alcoholic beverages in India. With an exhaustive portfolio encompassing rum, whisky, brandy, and vodka, it is one of the fastest-growing liquor start-ups in India. Some of the products are Gladius Limoni, Jordy's Bar, Gladius, Zeus, Cliff Hanger Vodka, and Gladius 13.
"The passion and vision of the founders in revolutionizing the premium beverage segment in India with the best of brand offerings, world-class manufacturing processes, and giving customer satisfaction a priority is what excited Anicut to back the team in their journey. We strongly believe that their entrepreneurial mindset combined with the general management skills and understanding of best practices in marketing, sales, operations, and commercial roles will fuel the growth for their success. We wish them all the very best in their journey," shared Ashvin Chadha, co-founder, Anicut Angel Fund.
The company aims to leverage its core strength of marketing innovations to be an industry leader.
"In such short span Boutique spirit brands have scaled up their presence across the country and that is what got us back again to fund their future plans. We have the confidence in their team and their vision to be a market leader in the premium liquor segment in India," added Navin Honagudi, managing director, KAE Capital.
Boutique Spirit Brands had raised funds through various investors in the past, however, the company raised $1 Million in Seed funding from KAE Capital in the year 2018.