[Funding alert] Liquor startup Boutique Spirit Brands raises Rs 80Cr in equity, debt

Liquor startup Boutique Spirit Brands on Thursday said it has raised Rs 80 crore in equity and debt funding from investors including IIFL, Anicut Angel Fund, Kae Capital, and TradeCred, among others.

Boutique Spirit Brands said it will use funds from the latest round to launch new products, scale up, expand its presence in retail stores, and service more customers across the country.

Investors such as Narendra Madhusudan Murkumbi, Founder of Shree Renuka Sugars, and Indian City Properties' Vikramaditya Mohan Thapar also participated in the funding round.

"The passion and vision of the founders in revolutionising the premium beverage segment in India with the best of brand offerings, world-class manufacturing processes, and giving customer satisfaction a priority is what excited Anicut to back the team in their journey," said Ashvin Chadha, Co-founder of Anicut Angel Fund, in a press release.

Founded in 2016, Boutique Spirit Brands specialises in manufacturing branded alcoholic beverages such as rum, whisky, brandy and vodka. Its brands include Gladius, Jordy's Bar, Zeus, and Cliff Hanger Vodka, among others.

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Craft liquor brands in India have generated a lot of interest in the investor community, especially after the success of iconic brands such as Bira91, Stranger & Sons, White Owl, and Greater Than, among many others that specialise in a specific type of liquor.

"The investment comes at a time when we have big plans of launching premium spirits all over the country," Rahul Gagerna, Co-founder of Boutique Spirit Brands, said in the press note. He was formerly the head of marketing at distilleries firm Radico Khaitan, the manufacturer of brands such as Magic Moments vodka, Jaisalmer gin, and Morpheus brandy.

Kae Capital, which invested in Boutique Spirit Brands' latest round, had invested around Rs 6.8 crore in the startup in its seed round in 2018.

"In such short span, Boutique Spirit Brands has scaled up its presence across the country and that is what got us back again to fund their future plans," said Navin Honagudi, Partner at Kae, an early-stage investor.

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