Ready-to-Drink (RTD) premium Cocktail startup, O’ Be Cocktails has raised Rs 3.5 crore in a bridge round from Sattva Family Office, Gaurang Jhunjuhwala – Partner, Mckinsey, Ankit Bhati (co-founder of OLA), LetsVenture and others.
The startup plans to use the funds to build the scale of distribution and widen its current range to reach every cocktail consumer in India.
The Bengaluru-based O’BeCocktail was founded in 2021 by Nitesh Prakash, It offers ready-to-drink (RTD) premium cocktails.
With 8 percent alcohol by volume, the company’s portfolio currently includes 4 cocktails including the O’B Fab Cosmopolitan, O’B Sauve Gin & Tonic, O’B Lively LIIT and O’B Zesty Mojito.
The company has become popular among the Indian Millennials who are always on the lookout to try something new and unique. When the entire country was under lockdown, the startup identified a hole in the market with regards to easily available premium ready-to-drink cocktails.
“We have crafted a great range of ready-to-drink cocktails with the art of mixology and science of consistency, consumers and our investors loved the cocktails. The current investment is going to help us reach O’ Be Cocktails with a wider range of consumers. At O’ Be, we are aiming to lead the ready to drink industry in Indian markets and outside” said, Nitesh Prakash, Founder & CEO, O’ Be Cocktails.
The startup has sold 100,000 cocktails and plans to sell 1,000,000 across India in the next 12 months.
Currently, it is available in 1000 premium wine stores in Bangalore, Goa and Hyderabad and is generating monthly revenue of 1 Crore.
“Ready to Drink is revamping the beverage consumption across the globe, and we loved what the team at O’ Be Cocktails are trying to do. Alcobev is not an easy category to be in; the team has shown consistent efforts in the right direction to lead the upcoming growth of RTD in Indian markets” said, Shivam Agarwal leading the Sattva family office.
The market momentum of RTD globally is projected to be USD 782.8 million in 2021 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 13.4 per cent from 2022 to 2030.
In September 2020, it had raised Rs 3.5 crore in funding round from First Cheque, Bhavish Aggarwal, and Ankit Bhati(Ola Cabs), Abhishek Goyal(Founder, Traxcn) and Sprout Investments.
About O’ Be Cocktails
All mixed up. And it is just the beginning. O’ be’s range of premium cocktails brings you just the right blends in a bottle. O’ be happy