Moonshine Meadery, which claims to be Asia’s first dedicated mead-maker, has raised an undisclosed amount in its seed round of funding from a bunch of wealthy individuals.
The company said in a statement it will use the capital to increase production capacity of mead--a honey-based fermented beverage--and consolidate its presence in Pune and Mumbai.
“While we increase our capacity four-fold and consolidate our presence in the two cities, we also plan to take our first steps outside Mumbai and Pune,” said Nitin Vishwas, co-founder at Moonshine Meadery and a former McKinsey consultant.
The company said the investors include high-net-worth individuals, top executives at consulting firm McKinsey and investors from several consumer goods companies. It didn't disclose their identities.
Mumbai-based angel network Lead Angels is said to have advised the company on this transaction.
The company was launched in February this year by Vishwas and Rohan Rehani. Rehani, a mechanical engineering degree graduate from Pune, had previously worked with financial advisory firm PLC Advisors and consulting firm EntrAct Consulting.
Moonshine's meads are now available at more than 200 retailers and restaurants across Mumbai and Pune. The company aims to enter big cities across India as well as in Asia-Pacific and West Asian countries.
Moonshine says it sources honey from local beekeepers in Maharashtra and other parts of the country. The apple cyder mead and coffee mead are the two flagship products of the company. The company is said to be experimenting with different recipes such as guava chillies, bourbon oak and chocolate orange meads.
Deals in the alcoholic beverages’ sector
A number of companies in the alcoholic beverages’ segment have raised funds over the past year. In July, IIFL Asset Management Ltd invested in craft-beer maker White Owl Brewery Pvt Ltd, marking the mid-market private equity firm’s debut deal in the alcoholic beverages’ space.
Venture capital firms Saama Capital and DSG Consumer Partners recently backed craft beer maker Goa Brewcrafts Pvt. Ltd. This was the second bet by Saama Capital on an alcoholic-beverage company; it had previously invested in wine maker Sula Vineyards Pvt. Ltd.
In May, B9 Beverages Pvt. Ltd, which makes craft beer under the brand Bira 91, raised Rs 335 crore ($50 million) in a round led by Belgium-based investment firm Sofina.