White Owl – one of India’s fastest growing premium beer brands – has received a growth capital investment of Rs 40 crore in Series B funding, led by IIFL India Private Equity Fund and supported by its existing investor base.
The new funds will be used to deepen its presence in its existing markets, expand the brand’s presence to new markets (within India and abroad), and grow its portfolio to include both strong craft beer and kegged craft beer nationwide.
With this investment, White Owl has raised Rs 70 crore to date, emphatically validating the rampant popularity of premium craft beer in India across its growing millennial consumer base.
Its growth plans include a balanced focus on expanding its geographical footprint and its broader craft beer portfolio. In addition to deepening its existing presence across Mumbai, Pune, Goa, Delhi and Bengaluru, White Owl will enter five new markets across North and South India as well as two international markets, all by the end of FY 2020, for which preparations are well underway.White Owl currently sells about 20,000 cases of its craft beer each month, that is expected to more than double by the end of FY 20.
Javed Murad, founder, White Owl, said, “We are thrilled to deepen our relationship with the IIFL asset management team that shares our ethos of ambitious growth coupled with disciplined business practices.”
“The beer market in India is an incredibly exciting and dynamic space with robust long-term growth drivers, driven by incredibly smart consumers. We will remain relentlessly consumer-focussed and committed not only to top quality beer, but also to new styles of craft beer that just are not available in India today,” he added.
Prashasta Seth, senior managing partner, IIFL Asset Management, said, “It is remarkable to see how White Owl has expanded beyond just a single point of sale in Mumbai to over 2,500 bars and wine shops across the country in just a few years.”
“We look forward to building a strong partnership with White Owl’s incredibly committed and disciplined management team, as they propel their brands to inevitable market leadership,” he added.
Its award-winning portfolio includes Spark (a classic summery Belgian Wit), Diablo (a caramel-roast Irish Red Ale), and Ace (a bubbly Apple Cider Ale), which, to date, remains the only locally-bottled cider available across India.
In late October, White Owl will launch a strong German Hefeweizen. And in early December, it will add kegs to its existing offering of bottles and cans nationwide to cater to the increasing demand for craft beer on tap beyond the walls of the India’s growing microbrewery cluster.
To support these initiatives and growing consumer demand, it has already expanded its manufacturing facility to Karnataka, in addition to its existing manufacturing facility in Madhya Pradesh, to avail of numerous scale and supply chain efficiencies.