The Goa Brewing Company, owned by Goa Brewcrafts Private Ltd. and known for its ‘People’s Lager’ and ‘Eight Finger Eddie’ craft brews, has raised a round of $700,000, or about ₹5.6 crore, from marquee investors.
Investors include K. Ganesh, a serial entrepreneur and promoter of BigBasket; Samrath Bedi, executive director of beauty brand Forest Essentials; and members of Ekcle Ventures, an angel network. Saama Capital and DSG Consumer Partners had invested in the company in early stages. The company said this fundraise will help it increase production and realize its market expansion plans. It said there has been an increase in demand for bottled craft beer for home consumption in India in the aftermath the pandemic. Its craft-brewery in Sangolda, Goa, housed in an Indo-Portuguese bungalow, is different from beers brewed in large commercial industrial complexes which use synthetic ingredients. "We have stuck to brewing clean label beers made with only whole natural grains, hops and fruits sourced largely from local farms. Without any marketing spends or advertising campaigns our beers have developed a following with sheer word of mouth publicity. This brand love from our consumer-evangelists has allowed us to focus on the product and push our boundaries of brewing while gradually building a community based on shared values," said Suraj Shenai, its founder. “With his passion, Shenai has brought a refreshing freshness, artisanal quality and built a brand in a highly competitive Goa market that stands out. We are very happy to partner with him in scaling the brands into other geographies. The space for craft beer in large volumes is under-served and with many brews under development, the future is exciting for them," said K Ganesh.
The company, with its limited capacity, could initially only supply in Goa and some cases in Bengaluru to test the market and this fund-raise will help the company launch completely in Bengaluru and Delhi markets, added Shenai.
According to Expert Market Research, the India beer market stood at a value of nearly ₹371 billion in 2020 and is likely to reach ₹662 billion by 2026 at an estimated CAGR of about 9.2% during 2022-2027.