Salud Beverages Raises $1.1 Mn Funding The company will expand its footprint into other markets such as Goa and Odisha and additional domestic markets
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Salud Beverages, an urban lifestyle brand, on Wednesday announced to have raised $ 1.1 million as of March 2021. The VC fund, comprising actors and HNIs includes serial entrepreneur and leading Indian actor Rana Daggubati, and former managing director, Microsoft India, Srinivas Koppolu, among others backed by Prasad Vanga's Anthill Ventures.
The fund was primarily used to establish a formidable retail presence with flagship brand Salud G&T 2.0, a bottled gin and tonic cocktail, as well as to build a diverse product portfolio. This resulted in G&T 2.0 being available in over 500 retail outlets, with 250,000 bottles sold and a consumer base that is growing every passing day.
"We are a focussed brand striving to put India on the global map, alongside the best countries in the world, with some of the finest spirits including bottled cocktails, craft spirits, non-alcoholic beverages, and more. And not to stop there, but continue to innovate with products and experiences that will lead to a loyal consumer base, on the way to our big-picture goal of becoming an aspirational global lifestyle brand," said Ajay Shetty, founder-director, Salud Beverages.
The Indian alcobev ecosystem has become increasingly dynamic in recent times. This is a result not only of many players entering the market but also the appetite of a consistently growing consumer base that has shown great interest in healthier, more responsible, and more unique and modern drinking options. Reports indicate that the global size of the RTD cocktails market is expected to clock $1775.1 million by 2028, and India is ripe with potential, ranking among the top 3 largest alcoholic beverage markets in the world.
In the coming days, Salud will expand its footprint into other markets such as Goa and Odisha and additional domestic markets. It will also be adding new flavors to the G&T 2.0 range, as well as expanding with new offerings in both the alcoholic and non-alcoholic beverage segments. It expects to triple its current sales by the end of FY 2021-22. Entering international markets in the Middle East and Europe is also a part of the long-term strategic plan that should materialize by the end of the year.