Medusa Beverages announced on Friday that it has raised Rs. 56 crore in its Series A funding round to enhance manufacturing and distribution capabilities.

The equity round was led by Amal N Parikh and Ashwin Kedia, with participation from Ramesh Damani, Nikhil Garg, Crest Opportunities, and high-net-worth individuals (HNIs) from Singapore, the UK, and the UAE.

The funds will primarily be used to expand Medusa’s annual production capacity, which currently stands at 2 lakh hectoliters. Additionally, a portion of the capital will support strategic investments across the value chain and diversification within the alco-bev sector. The company is considering flavored product extensions and complementary segments to enhance its beer portfolio.

"We aim to build synergies by collaborating with key stakeholders across production, logistics, and adjacent alco-bev categories, these partnerships will optimize costs, expand market presence, and enable us to introduce new products under the Medusa brand," said Avneet Singh, Founder and CEO of Medusa Beverages, in an interview.

Founded in 2017, the New Delhi-based brand operates in Delhi, Punjab, Uttar Pradesh, Chhattisgarh, and Himachal Pradesh. It plans to deepen its presence in these regions while expanding its retail network into North and Central India, as well as Assam, Andhra Pradesh, and Haryana, by the end of this fiscal year.

Medusa aims to achieve double-digit growth in both volume and revenue for FY24. The company expects to reach Rs. 1,200 crore in revenue by FY2030, with steady margin improvements as it scales production. Singh emphasized the company’s focus on achieving profitability through sustainable growth strategies.