The company plans to use the recently raised capital to increase its production capacity to meet the market demand for bottled craft beer
Goa Brewing Company bagged $7,00,000 (nearly Rs 5.6 crore) investment from Ekcle Ventures, Saama Capital and DSG Consumer Partners as well as marquee investors like K Ganesh, promoter of BigBasket and Samrath Bedi, executive director of Forest Essentials, Mint reported.
The company is owned by Goa Brewcrafts Private Limited and is known for its ‘People Larger’ and ‘Eight Finger Eddie’ craft beer brands.
The start-up plans to use the recently raised capital to increase its production capacity to meet the market demand for bottled craft beer.
According to Statista, India’s beer market is projected to grow by 11.41 per cent CAGR between 2022 and 2025, resulting in a market volume of $19.29 billion in 2025.
Additionally, the company also wants to expand its presence pan-India. The Sangolda-based company is currently operating only in Goa and a few places in Bengaluru. But now, it wants to capture the markets in Delhi as well.
Talking about this recent development, the founder and chief executive officer Suraj Shehnai said, “We have stuck to brewing clean-label beers made with only whole-natural grains, hops, and fruits sourced largely from local farms. Without any marketing spending or advertising campaigns, our beers have developed a following with sheer word-of-mouth publicity. This brand love from our consumer evangelists has allowed us to focus on the product and push our boundaries of brewing while gradually building a community based on shared values.”
Founded in 2016, Goa Brewcraft saw a 52 per cent increase in EBITDA in the financial year 2021, though its net worth dropped by 30 per cent, according to Tofler.