Hard liquor company Boutique Spirit Brands (BSB) has raised ₹6.8 crores ($1 million) from venture capital firm Kae Capital. After the successful foray of Bira in the Indian alcohol beverage market, more investors are looking to explore the Indian beverage market.
The funds raised will be used to expand its presence in other states and also to expand its product offering.
New Delhi-based Boutique Spirit Brands was founded by Rahul Gagerna, along with other professionals with vast experience in the fields of marketing, sales, operations, and commercial roles with prominent organizations, in 2016. It sells rum and brandy under its brands named Gladius and Zeus in Orissa and Andhra Pradesh respectively.
It is among the very few hard liquor brands to receive capital from institutional investors. The company had clocked a revenue of over ₹18 crores from just the two markets during the FY2017-18. It will be looking to touch ₹80 crores in gross revenues for the FY2018-19, as it looks to expand its portfolio and presence.
After selling 50,000 cases of rum and brandy in this financial year, the company is targetting over 200,000 cases in the next FY2018-19.
“We are now looking to launch a whiskey brand as also expand the sale of rum and brandy to eight and four states respectively. We want to have presence across all categories and hence will look at launching a vodka brand in the long term as well,” said Rahul Gagerna, Founder of BSB, formerly the head of marketing at distilleries firm Radico Khaitan.
Boutique Spirit Brands is in talks to raise up to ₹14 crores from multiple investors in debt funding, as it looks to expand and establish its retail presence across hotels and restaurants segments.
With the support of a professional team and its new partnership with Kae Capital, the company is well equipped to navigate the operational challenges faced by the liquor industry in the country to establish its brand.