Swizzle, the trailblazing Made-in-India mocktail provider, has secured an undisclosed sum in seed funding from a consortium of angel investors, spearheaded by current investor Mrs. Monika Rao. Dr. Akshay Singhal, Founder & CEO of Log9 Materials, along with new investors Mr. Deepak Gambhir and Sri Harsha Thota, participated in this equity-based seed investment round.
The startup, having previously raised funds in 2022, utilized the proceeds for product development and achieving product-market fit. With this recent round, Swizzle has now amassed a cumulative funding of over INR 1 Cr. Co-Founders Vrinda Singhal and Deepender Singh expressed their excitement about this funding round, highlighting its importance in propelling Swizzle’s mission to revolutionize the Indian beverage industry.
“We are super excited to announce our latest seed fundraise, which marks a pivotal milestone in Swizzle’s journey, and catalyses our mission of revolutionizing the beverage industry in India,” said Vrinda Singhal and Deepender Singh, Co-Founders of Swizzle.
The funding will play a crucial role in expanding Swizzle’s presence in both B2C and B2B segments. The goal is to be accessible in over 1000 locations by August 2024, reaching new cities and bolstering the distribution network. The co-founders outlined their plan to implement effective marketing and go-to-market strategies for accelerated growth, aiming to become the preferred choice for beverage enthusiasts across India.
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Lead Investor Ms. Monika Rao commented, “Swizzle has demonstrated a unique ability to innovate and bring to market a range of high-quality mixers. Their revamped hip and cool branding and packaging will help them scale and acquire the upwardly mobile young customer base across Tier 1 cities.”
Renowned for its natural beverages crafted from authentic fruits and herbs, Swizzle experienced an impressive 210% growth in FY 2023. The startup is set to attain its forecasted revenue of INR 15 Crore by the end of FY 2025. Swizzle’s assortment of ready-to-drink (RTD) mocktails, featuring diverse flavors and boasting 100% vegan ingredients, are retailed through its website and prominent e-commerce platforms such as Amazon, JioMart, Flipkart, and Swiggy-Mini.
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In the retail realm, Swizzle has earned recognition across more than 350 locations in Bengaluru, encompassing vending machines, Nature Basket stores, MRP outlets, and supermarkets. The startup is committed to accelerating its offline retail expansion, targeting over 3000 locations by the close of the current fiscal year, with the objective of serving up to 5 lakh mocktails per month. Swizzle also has plans to venture into Hyderabad, Mumbai, Pune, and Chennai, tapping into the HoReCa and QSR segments.
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