Cocktail Brand O'Be Cocktails raises INR 3.5 crore led by First Cheque, Letsventure & Others
O' Be Cocktails, a Bengaluru-based RTD cocktail business, revealed that it had secured Rs 3.5 crore in a seed round led by First Cheque, Letsventure, Bhavish Aggarwal, and Ankit Bhati from Ola, Abhishek Goyal (Founder, Tracxn), and Sprout Investments.
The money will go toward the startup's fundamental objective of increasing sales through retailers and expanding the manufacture of a new premium cocktail line.
According to a Research and Market worldwide analysis, the global ready-to-drink cocktails market is estimated to reach $1775.1 million by 2028, growing at a CAGR of 12% over the forecast period.
India, after China and Russia, is the world's third-largest alcoholic beverage market, with a CAGR of 7.4% expected between 2017 and 2030, according to Goldstein Market Intelligence.
With most of the country under lockdown and restricted movement, RTD beverage sales soared last year, and O' Be Cocktails saw a niche in the market for quality ready-to-drink cocktails that could be enjoyed anytime and anywhere.
Nitesh Prakash founded O' Be Cocktails in the year 2020. Its drinks are now accessible in Goa and Bengaluru, with ambitions to extend to more cities in the near future.
“Everyone loves a cocktail, but not everyone has the know-how or means to make one at the comfort of their homes. The Indian alcohol market is still in very early stages of growth on per capita consumption and premiumization. With O' Be Cocktails, we have seen tremendous response from consumers and an even greater amount of demand for RTD alcoholic beverages. Our aim is to become the pioneers of the ready to drink category growth with the right blend of product, brand, and sales,” said Nitesh Prakash, Founder and CEO of O’ Be Cocktails.
“The Indian alcohol market is a huge, fast-growing $35 billion market. We, however, haven’t seen much product innovation from the incumbents over the past few years despite newer categories like Ready-To-Drink cocktails gaining lots of ground internationally. We believe the time is ripe for ready-to-drink cocktails to take the Indian market by storm, and we love the product and brand that Nitesh and the team are building,” said Kushal Bhagia, CEO, FirstCheque.vc.
The firm offers premium spirits-based created drinks such the O' be Fab Cosmopolitan, O' be vivacious LIIT, and O' be Zesty Mojito. The brand is sold in 200 high-end stores, and its cocktail menu has seen significant growth and positive consumer response.
In FY21-22, the firm wants to introduce additional cocktail varieties and expand to 1000+ stores in other cities.
The money will go toward the startup's fundamental objective of increasing sales through retailers and expanding the manufacture of a new premium cocktail line.
According to a Research and Market worldwide analysis, the global ready-to-drink cocktails market is estimated to reach $1775.1 million by 2028, growing at a CAGR of 12% over the forecast period.
India, after China and Russia, is the world's third-largest alcoholic beverage market, with a CAGR of 7.4% expected between 2017 and 2030, according to Goldstein Market Intelligence.
With most of the country under lockdown and restricted movement, RTD beverage sales soared last year, and O' Be Cocktails saw a niche in the market for quality ready-to-drink cocktails that could be enjoyed anytime and anywhere.
Nitesh Prakash founded O' Be Cocktails in the year 2020. Its drinks are now accessible in Goa and Bengaluru, with ambitions to extend to more cities in the near future.
“Everyone loves a cocktail, but not everyone has the know-how or means to make one at the comfort of their homes. The Indian alcohol market is still in very early stages of growth on per capita consumption and premiumization. With O' Be Cocktails, we have seen tremendous response from consumers and an even greater amount of demand for RTD alcoholic beverages. Our aim is to become the pioneers of the ready to drink category growth with the right blend of product, brand, and sales,” said Nitesh Prakash, Founder and CEO of O’ Be Cocktails.
“The Indian alcohol market is a huge, fast-growing $35 billion market. We, however, haven’t seen much product innovation from the incumbents over the past few years despite newer categories like Ready-To-Drink cocktails gaining lots of ground internationally. We believe the time is ripe for ready-to-drink cocktails to take the Indian market by storm, and we love the product and brand that Nitesh and the team are building,” said Kushal Bhagia, CEO, FirstCheque.vc.
The firm offers premium spirits-based created drinks such the O' be Fab Cosmopolitan, O' be vivacious LIIT, and O' be Zesty Mojito. The brand is sold in 200 high-end stores, and its cocktail menu has seen significant growth and positive consumer response.
In FY21-22, the firm wants to introduce additional cocktail varieties and expand to 1000+ stores in other cities.
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