Lahori, a Chandigarh-based beverage maker known for its local-flavoured carbonated non-alcoholic drinks, is in talks with several investors to secure INR 400 crore. This could triple the company’s valuation from its last fundraising.
Lahori valuation may reach up to INR 2700 Cr
According to Economic Times, people familiar with the matter said the financing round, a mix of primary and secondary transactions, may value the firm at INR 2,600-2,700 crore, up from INR 900 crore two years ago.
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Meanwhile, Lahori is in talks with Abu Dhabi Investment Authority and Motilal Oswal Financial Services for funding, according to an anonymous source. The transaction might involve Belgian investor Verlinvest, founded by the family behind beer maker InBev, selling part of its stake in Lahori.
Notably, Verlinvest, Lahori’s first institutional investor, invested $15 million in its series A round and currently holds a 21.2% stake. Lahori aims to raise around INR 250 crore in primary capital, with the founders also planning to sell part of their stake. “The deal is still in discussion stages… investors such as Peak XV Partners have also held talks,” said another person.
Lahori to raise manufacturing up to 8 mn bottles per day
Founded in 2017 by cousins Saurabh Munjal, Saurabh Bhutna, and Nikhil Doda, Lahori holds a 78.8% stake as per Tracxn. Their popular product, Lahori Zeera, is a cumin-flavored carbonated drink available in 160 ml and 240 ml sizes. They also offer lemon-based drinks like shikanji, popular in northern India.
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“Lahori is growing quickly and scaling up fast. The aim is to speed up business. The primary capital will be used to increase its manufacturing capacity from 5 million bottles per day to over 8 million,” said one of the sources. The company has two manufacturing plants in Punjab and Gujarat and is working on a new facility in Uttar Pradesh.
Furthermore, Lahori’s CEO Munjal didn’t comment on the ongoing funding round. As per him, the company ended 2023-24 with INR 312 crore in revenue, nearly 50% up from the previous year, and aims to reach INR 500 crore this financial year, reported by ET.
Additionally, Lahori focuses mainly on offline sales, with 99% of its revenue coming from offline distributors, while online sales, including quick commerce, are minimal. “Almost 80% of the sales for the carbonated beverages category in India is coming from general trade… quick commerce is mainly focused on top cities for now. So, the contribution of quick commerce to our sales will grow as and when penetration increases,” Munjal stated.
He mentioned that the direct-to-consumer brand hasn’t started using quick commerce platforms outside northern India, which makes up most of its sales. “As much as 75% of our revenue is coming from North India till last year, followed by Mumbai and east India,” Munjal said. The company aims to expand its distributor network across the country. Unlike the market trend, Lahori sees a significant portion of sales from its larger stock-keeping units.
In terms of market, the Indian Beverage Association says India’s non-alcoholic beverages segment—including carbonated drinks, water, juice, and sports drinks—will grow to INR 1.5 lakh crore by 2030 from INR 67,000 crore now.
