The Bengaluru-based ready-to-drink cocktail startup, O'Be Cocktails on Monday said it has raised Rs 3.5 crore in funding led by First Cheque, Letsventure, Ola founders Bhavish Aggarwal and Ankit Bhati, and Abhishek Goyal (Founder, Tracxn). The investment will fund O' Be Cocktails' core strategy of growing sales through retailers as well as continuing to increase its production of new premium cocktail range, a statement said.
The global ready-to-drink cocktails market size is expected to reach USD 1775.1 million by 2028, registering a CAGR of 12 percent over the forecast period as per research and market global reports. According to another report published by Goldstein Market Intelligence, India is the third-largest alcoholic beverage market, after China and Russia, estimated to grow at a CAGR of 7.4 percent during the forecast period of 2017-2030.
Launched by Nitesh Prakash in 2020, O'Be Cocktails reimagines cocktails in the context of cultured and tasteful Indian consumers who are now on the constant lookout for experiences that are modern, globally inspired, and absolute.
PTI