Radiohead Brands, the four-year-old startup behind the Jimmy’s Cocktails and sparkling mixers brand, has finalized its pre-Series A funding round, raising a total of INR 35 crore.
Prath Ventures took the lead in the latest fundraising round, contributing INR 12.2 crore. Capital Ventures, Illeyrium Ventures, angel investors Neel Bahl and Sandeep Aggarwal of Droom, along with existing investors, also participated in the funding.
The company produces cocktail premixes and sparkling beverage mixers, such as tonic water and ginger ale, among other products. It competes with established brands like Sepoy & Co., Franklin & Sons, Svami, and Jade Forest in the non-alcoholic beverage market.
In July this year, the company secured INR 11 crore in a pre-Series A funding round, with financial backing from Vijay Shekhar Sharma and Prath Ventures.
Ankur Bhatia, the founder and CEO, emphasized the company’s dedication to establishing its brands in a sustainable and profitable manner. The focus lies on prioritizing cash flow, avoiding credit sales, and ensuring account-specific profitability. The company was co-founded by Bhatia and Nitin Bhardwaj, who serves as the COO.
Radiohead recorded gross revenues of INR 80 crore in FY23 and anticipates concluding the current fiscal year with INR 100 crore. The company is striving to achieve profitability by the next fiscal year.
Prath Ventures’ founder, Piyush Goenka, highlighted the company’s robust grasp of brand development and distribution. “We believe the company is set to emerge as a leading player with a diversified portfolio,” he added.
The Indian Council for Research on International Economic Relations (ICRIER), a prominent economic policy think tank, projects strong growth for the nation’s non-alcoholic beverage market. As per its 2022 report, the market is poised to experience substantial compound annual growth at a rate of 8.7%, potentially reaching an impressive INR 1.47 trillion by the year 2030.
This expansion contrasts with the pre-pandemic market of INR 67,100 crore in 2019, which included soft drinks, juices, bottled water, and fruit-based beverages.
