The creator of Jimmy’s Cocktails secures ₹35 crore in pre-Series A funding
- ByStartupStory | December 4, 2023
Radiohead Brands, the startup behind Jimmy’s Cocktails and mixers, secured ₹35 crore in its recent pre-Series A funding round, led by Prath Ventures with contributions from Capital Ventures, Illeyrium Ventures, and notable angel investors Neel Bahl and Sandeep Aggarwal from Droom. This funding adds to the previous ₹11 crore raised in July this year from Vijay Shekhar Sharma and Prath Ventures.
The company specializes in cocktail premixes and sparkling mixers like tonic water and ginger ale, competing with established brands such as Sepoy & Co., Franklin & Sons, Svami, and Jade Forest in the non-alcoholic beverage market. Founder and CEO Ankur Bhatia emphasized the company’s commitment to sustainable brand building, focusing on cash flow, zero credit sales, and account-wise profitability. Bhatia co-founded the company with Nitin Bhardwaj, serving as the COO.
Radiohead reported ₹80 crore in gross revenues for FY23 and aims to hit ₹100 crore by the end of the current fiscal year, with plans to achieve profitability next year. Piyush Goenka, founder of Prath Ventures, praised the company’s brand-building strategies and distribution tactics, foreseeing its emergence as a leading player with a diverse product portfolio.
The non-alcoholic beverage market in India is anticipated to witness substantial growth, projected to reach ₹1.47 trillion by 2030 with a compound annual growth rate (CAGR) of 8.7%, as per the Indian Council for Research on International Economic Relations (ICRIER). This robust growth contrasts sharply with the pre-pandemic ₹67,100 crore market in 2019, encompassing soft drinks, juices, bottled water, and fruit-based beverages.
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