Bengaluru-based ready-to-drink cocktail startup O’ Be Cocktails recently announced it is raising an undisclosed amount in a pre-Series A funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm.
According to the startup, the raised capital would be used to enhance capabilities, build a team, and expand its presence into new markets.
What does O' Be Cocktails do?
O' Be Cocktails offers a selection of ready-to-drink craft cocktails, ideal for home gatherings and house parties.
The startup claims that its cocktails are made with high-quality spirits and natural ingredients, ensuring a great taste every time. The range includes popular flavors like Mojito, Cosmopolitan, Long Island Iced Tea, and Gin & Tonic.
Nitesh Prakash, Founder & CEO of O’ Be Cocktails, said, “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.”
Operational in 9 Indian states
O' Be Cocktails is operational in 9 states in India and Bhutan. It 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.
Mitesh Shah, Co-founder, Inflection Point Ventures, said, “Indian market is witnessing a steady growth in alcoholic segment post pandemic years. Ready to drink cocktails is an emerging category which 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 current landscape of Indian Alcoholic Beverage (Alcobev) market
In the Indian Alcoholic Beverage (Alcobev) market, which is valued at $35 billion, the Ready-to-Drink (RTD) category constitutes $200 million (0.6% of the market), with a projected annual growth rate of 10.29% in value and 12.15% in volume from 2021 to 2026, as per Triton Market Research.
In comparison, the US Alcobev market, worth $313 billion, has a more significant RTD category at $22.5 billion (7.2% of the market), and it's expected to grow at a 12.42% annual rate from 2022 to 2027.