[Funding alert] Premium beer brand White Owl raises Rs 40 Cr in Series B round
Premium beer brand White Owl on Thursday said it has raised Rs 40 crore funding led by IIFL India Private Equity Fund, and supported by its existing investors.
According to the company, the new funds will be used to deepen White Owl’s presence in its existing markets, expand the brand’s presence to new markets within India and abroad, as well as grow its portfolio to include both strong craft beer and kegged craft beer nationwide.
With this investment, White Owl has raised a total of Rs 70 crore since inception.
Speaking on the investment, Javed Murad, Founder of White Owl, said,
“We are thrilled to deepen our relationship with the IIFL Asset Management Team that shares our ethos of ambitious growth coupled with disciplined business practices. The beer market in India is an incredibly exciting and dynamic space with robust long term growth drivers, driven by incredibly smart consumers. We will remain relentlessly consumer-focused and committed not only to top quality beer but also to new styles of craft beer that just aren’t available in India today.”
Mumbai-based White Owl Brewery was started in Mumbai in 2013 by Harvard Business School graduate Javed Murad.
Until September 2019, White Owl has been distributing craft beer on tap, in bottles, and in cans to over 2,500 restaurants, bars, and retail stores across few major cities in India.
Speaking on the investment, Prashasta Seth, Senior Managing Partner, IIFL Asset Management, said,
“It’s remarkable to see how White Owl has expanded beyond just a single point of sale in Mumbai to over 2,500 bars and wine shops across the country in just a few years. We look forward to building a strong partnership with White Owl’s incredibly committed and disciplined management team as they propel their brands to inevitable market leadership.”
Apart from expanding its geographical footprint and its broader craft beer portfolio, White Owl is also looking to deepen its existing presence across Mumbai, Pune, Goa, Delhi, and Bengaluru.
The company also claims that it will be entering five new markets across North and South India as well as two international markets by the end of FY20.
The brand also said in a statement that it is currently making monthly sales of 20,000 cases, garnering over Rs 5 crore in monthly sales. With this fund raise, the startup is looking to more than double its sales, by the end of FY 20.
Further, White Owl’s diverse investor group includes - RAAY Global, Piyush Pandey, Chairman, Ogilvy & Mather; Sasha Mirchandani, Founder, Kae Capital; Anant Goenka, Managing Director, CEAT; and the Jeejeebhoy Family Office, among others.
(Edited by Megha Reddy)