Medusa Beverages, a homegrown craft beer brand, has successfully secured INR 56 Cr (around $6.5 Mn) in a Series A funding round. The round was co-led by Amal N Parikh, Managing Director of Ohm Stock Brokers, and Ashwin Kedia, Co-founder of Alchemy Capital Management. The investment also attracted notable participants, including veteran investor Ramesh Damani and Crest Opportunities, as well as high-net-worth individuals (HNIs) from Singapore, the UK, and the UAE.
The Delhi-based company plans to utilize the freshly raised capital to scale its operations and enhance its market presence. A significant portion of the funding will be directed towards forging new partnerships with distributors, which will be key in expanding the brand’s footprint. Medusa is particularly focused on broadening its reach across different regions, including Assam, Andhra Pradesh, and Maharashtra.
Medusa’s founder and CEO, Avneet Singh, emphasized the company’s commitment to building a diverse portfolio of brands. He highlighted that the funding will allow Medusa to strengthen its position in key markets while expanding its operational capabilities. Singh expressed excitement about the opportunity to grow with the support of experienced investors who are backing the brand’s vision.
Founded in 2017, Medusa Beverages offers a range of craft beers, with three distinct varieties available to consumers. The brand has made significant inroads into the Indian market, with its products available in over 7,000 retail outlets across seven states, including Delhi, Uttarakhand, Punjab, Chandigarh, Uttar Pradesh, Chhattisgarh, and Himachal Pradesh.
In terms of financial performance, Medusa has shown impressive growth. The company reported a gross revenue of INR 132 Cr in FY24, driven largely by the consistent demand for its flagship beer. Singh previously shared that the company is targeting INR 175 Cr in revenue for FY25, which reflects the positive momentum the brand has experienced.
This Series A funding comes at a time when the alcohol industry in India is attracting increasing investor interest. As the market for craft beer and other alcoholic beverages continues to grow, investors are eager to support brands that are scaling production and expanding their reach. Medusa’s ability to tap into this growing demand positions it well for future growth.
Similar to Medusa, other homegrown beer brands are also attracting significant investments. For example, Proost Beer raised INR 30 Cr ($3.5 Mn) in November last year to strengthen its supply chain and expand its product offerings. Additionally, Goa-based Latambarcem Brewers (LB Brewers) raised $1.5 Mn (INR 12.5 Cr) to expand its presence, boost manufacturing capacity, and enhance its marketing and supply chain efforts.
As the craft beer segment continues to gain popularity in India, Medusa Beverages’ successful funding round underscores the increasing confidence investors have in the country’s alcohol industry. With strategic expansion plans and a strong financial trajectory, Medusa is well-positioned to capitalize on the growing demand for premium, homegrown alcoholic beverages in the Indian market.
