Rio Innobev Raises Rs 10 Crore Pre-Series A Capital
Pune based beverage venture Rio Innobev has raised Rs 10 crore in pre-series A round of funding headed by Atomic Capital and other lead investors, according to an April 15 release.
The venture will use the fresh funds towards growth activities like distribution expansion, brand building, product innovation, and manufacturing upgrading.
Rio Innobev plans to expand its product portfolio in indulgent, health, and functional drinks to cater to evolving consumer needs. This is the startup's first institutional investment in its fruit and energy drink business as it prepares to expand across the country and develop new products, a Rs 500 crore brand within four years.
Today, Rio Innobev has presence in more than 35,000 retail stores in over 25 cities of Maharashtra and Gujarat. The company is targeting expansion to 100,000 stores in the next three years and building its omnichannel strength through fast commerce and modern trade channels.
"This fundraising reflects more than money. With this investment, we are dedicated to scaling aggressively, innovating at pace, and launching exciting products," added Rahul Sangoi, Rio Innobev Co-founder and CEO.
Established in 2014, Rio Innobev has been able to sustain EBITDA positivity from 7.5 lakh units in its first year to over 15 million cans and bottles sold every year. The firm, which has a manufacturing plant in Pune, currently has two flagship products, namely RIO Bubbly Fruit Drink and RIO BOOM Energy Drink.
The venture will use the fresh funds towards growth activities like distribution expansion, brand building, product innovation, and manufacturing upgrading.
Rio Innobev plans to expand its product portfolio in indulgent, health, and functional drinks to cater to evolving consumer needs. This is the startup's first institutional investment in its fruit and energy drink business as it prepares to expand across the country and develop new products, a Rs 500 crore brand within four years.
Today, Rio Innobev has presence in more than 35,000 retail stores in over 25 cities of Maharashtra and Gujarat. The company is targeting expansion to 100,000 stores in the next three years and building its omnichannel strength through fast commerce and modern trade channels.
"This fundraising reflects more than money. With this investment, we are dedicated to scaling aggressively, innovating at pace, and launching exciting products," added Rahul Sangoi, Rio Innobev Co-founder and CEO.
Established in 2014, Rio Innobev has been able to sustain EBITDA positivity from 7.5 lakh units in its first year to over 15 million cans and bottles sold every year. The firm, which has a manufacturing plant in Pune, currently has two flagship products, namely RIO Bubbly Fruit Drink and RIO BOOM Energy Drink.
