Ghodawat Consumer Purchases Coolberg Beverage Brand
- ByStartupStory | November 29, 2022
Ghodawat Consumer Limited (GCL), the consumer goods division of Sanjay Ghodawat Group, said on Monday that it has acquired beverage startup Coolberg in an undisclosed transaction. The financial terms of the transaction were not disclosed.
Coolberg, situated in Mumbai, sells malt-based flavored non-alcoholic beverages and is supported by investors such as India Quotient and Singapore-based family office RB Investments. The startup has raised Rs 40 crore since its inception. As part of the arrangement, Coolberg’s current investors will be able to exit. The brand will be part of GCL’s Impulse division, with its entire 300-person team joining the Sanjay Ghodwat-led group’s fast-moving consumer goods (FMCG) business, which also includes the fizzy drink Fizzinga and the fruit beverage Frustar.
According to co-founder Pankaj Aswani, as a part of GCL, the business will prioritize brand building, getting to market, and scaling up manufacturing in the near term, adding that Coolberg will benefit from the FMCG company’s wider ecosystem. Aswani and Yashika Keswani launched the company in 2016 and have expanded its distribution to over 200 locations in ten countries.
“The idea is to increase exponentially from a marketing perspective and increase market penetration too,” said Aswani.
The company offers its beverages through an omnichannel approach, selling them through online marketplaces, fast commerce, and supermarkets, restaurants, colleges, and airports through its network of 50,000 outlets. He also stated that the business intends to double its store count to 100,000 in the next three years. The brand currently sells drinks in six different flavors.
“Coolberg is a lifestyle brand that has built strong loyalty amongst its customer base. With this partnership, we are now aiming to accelerate the growth of the brand in both domestic and international markets,” said Keswani. GCL, which was launched in 2013, has a diverse portfolio that includes staples, impulse, homecare, and personal care products. The company reported revenue of Rs 1,400 crore in the previous fiscal year and aims to reach Rs 2,000 crore in the coming year.
“We are excited about this partnership as Coolberg has created a niche for itself in the non-alcoholic beverage industry. We look forward to working with the team at Coolberg as we further expand the business going forward,” said Shrenik Ghodawat, managing director, of GCL.
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