[Funding alert] Beverage brand Lahori raises $15M in Series A round from Verlinvest
Punjab-based beverage startup Verlinvest for an undisclosed minority stake.on Monday has raised $15 million funding from Belgium-based consumer-focused investor
According to the press statement, Lahori will use the funds to double down on its brand’s growth through offline and online expansion and will also enhance the national presence of the brand in retail chains.
The fresh fund will also be utilised for the development and launch of new category-creating products, it stated.
Founded by Saurabh Munjal, Lahori's vision is to introduce better-tasting, category-defining ‘Desi’ drinks in India, targeting people in Indian cities and villages alike. The business plans to expand its presence across India in the next three years. The capital raised in this round will be used to expand production capacity and towards accelerating branding and marketing efforts.
Speaking on the occasion, Saurabh Munjal, Co-founder and CEO, Lahori, said
“We are delighted to partner with Verlinvest in our journey to become a widely loved beverage brand in the country. We want to give Indian consumers beverage options which resonate with their taste palette. We know that the ethnic beverages market in India is underserved, and we have the vision to become a prominent force in this space”.
Commenting on the investment, Shagun Tiwary Shah, Investor, Verlinvest said,
“Given the legacy of our Belgian family shareholders, beverages are a core focus area for us. Lahori has become a dominant player in the space in a very short time, creating a product loved by the masses. Among all the beverage companies we have seen so far in India, Lahori stood out for its taste, product innovation and customer pull. We are excited to work with them on their next leg of growth.”
Pareto Capital, a Mumbai-based investment banking firm, was the sole advisor to the company for this transaction.