The funds will be utilised for enhancing capabilities, team building, and growing the O' Be Cocktail community in India
Ready to drink cocktail start-up O’ Be Cocktails is going to raise an undisclosed amount in Pre-Series A Round led by Inflection Point Ventures, the start-up said in a statement.
The funds will be utilised for enhancing capabilities, team building and expanding into new markets, it added.
Mitesh Shah, co-founder of Inflection Point Ventures, says, “The Indian market is witnessing a steady growth in the alcoholic segment post-pandemic years. Ready-to-drink cocktails are an emerging category that is not much explored and has huge market potential. With O' Be Cocktails’ phenomenal range of classic cocktails, it promises to be a go-to product for youngsters looking to socialize with premium cocktails. IPV aims to extend their support and help the company expand geographically”.
The company, operational in 9 states in India and Bhutan, is supported by a network of 22 private distributors and 2 government contracts, ensuring their products are readily accessible in over 1700 premium wine outlets.
Nitesh Prakash, founder and CEO of O’ Be Cocktails, says, “Today consumers look for sustainable, premium, and convenient brands as part of their lifestyle and want to drink better and not more. Cocktails is a growing culture in India, O’ Be Ready to Drink Craft Cocktails targets GenZ and Millennial consumers for social gatherings at home and house parties. We want to lead the Ready to Drink (RTD) category growth in India and SE Asia with our range of O’ Be Cocktails. IPV has been a great partner in understanding the category and the market, along with the known and unknown challenges – they understand the DNA of the start-up and provide the right support. We look forward to continually work and grow with them sustainably.”
In the Indian Alcoholic Beverage (Alcobev) market, which is valued at $35 billion, the Ready-to-Drink (RTD) category constitutes $200 million (0.6 per cent of the market), with a projected annual growth rate of 10.29 per cent in value and 12.15 per cent in volume from 2021 to 2026, as per Triton Market Research.