[Funding alert] Beverage brand Jimmy’s Cocktails raises ₹14 crore

Gurgaon-based beverage brand Jimmy’s Cocktails has raised Rs 14 crore in a series A funding led by Roots Ventures and 7Square Ventures.

Vishesh Khurana, co-founder Ship Rocket, and Varun Alagh, co-founder Mamaearth, also participated in the funding round.

The startup said that fund will use to expand its distribution footprint in India and overseas.

“75-80% of the spirits consumption happens at home or outside bars and restaurants, adding that this presents an opportunity to help consumers trade up to better mixers at home”, said Ankur Bhatia, founder and CEO, Jimmy’s Cocktails.

last year in March, the beverage brand has raised ₹6 crores in a seed round from angel investors including Keki Mistry, vice chairman and CEO, HDFC Ltd, Vinay Agarwal, director, First State Stewart Asia, Anirudh Somani, vice president, CLSA and Vidur Talwar, chairman T&T Motors, among others, according to Mint.

“We truly believe the growth potential for a format such as ours lies beyond metros, in Tier II and III cities, where already we are getting 40% of our revenue," Nitin Bhardwaj, co-founder, and COO of Jimmy’s Cocktails said.

Owned and operated by Radiohead Brands, Jimmy’s Cocktails was founded by Ankur Bhatia & Nitin Bhardwaj in 2020. The company is looking at a larger $8 million to $10 million Series A round this financial year, Ankur Bhatia added.