Bengaluru-based Ready-to-Drink (RTD) premium Cocktail startup, O’ Be Cocktails has recently raised Rs 3.5 crore in a bridge round. The investment is led by Sattva Family Office, Gaurang Jhunjuhwala – Partner, Mckinsey, Ankit Bhati (co-founder of OLA who participated again), LetsVenture and others
O’ Be cocktails will use the fresh capital to build the scale of the distribution to reach every cocktail consumer in India and, also for broadening the current range of O’ Be Cocktails.
In September 2020, O’ Be raised Rs 3.5 Cr in their angel round, led by First Cheque, Bhavish Aggarwal, and Ankit Bhati from Ola Cabs, Abhishek Goyal – Founder, Traxcn and Sprout Investments.
Launched in 2021 by Nitesh Prakash, O’ Be Cocktails offers Ready-to-Drink premium cocktails. With an 8 per cent alcohol by volume, the brand currently has 4 cocktails under its portfolio which include O’ Be Fab Cosmopolitan, O’ Be Sauve Gin & Tonic, O’ Be Lively LIIT and O’ Be Zesty Mojito. O’ Be has become popular among Indian Millennials who are always in a search of something new and unique to try. While the whole country was in a lockdown state, O’ Be Cocktails identified a hole in the market in regards to premium Ready to drink cocktails which are easily accessible. Due to Covid-19, people found it relevant to have cocktails at home rather than going out which boosted the sales of the brand. So far, O’ Be Cocktails has sold 100,000 cocktails and are planning to sell 1,000,000 in the next 12 months across Pan India.
O’ Be premium cocktails are currently available in 1000 premium wine stores in Bangalore, Goa & Hyderabad and are projecting a monthly revenue of 1 Cr.
The market pace of the RTD globally is estimated at USD 782.8 million out of 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.4 per cent from 2022 to 2030. In terms of volume, it is expected to grow at a CAGR of 12.15% during the same period.
“We have crafted a great range of ready to drink cocktails with the art of mixology and science of consistency, consumers and our investors loved the cocktails. The current investment is going to help us reach O’ Be Cocktails with a wider range of consumers. At O’ Be, we are aiming to lead the ready to drink industry in Indian markets and outside” said Nitesh Prakash, Founder & CEO, O’ Be Cocktails.
“Ready to Drink is revamping the beverage consumption across the globe, and we loved what the team at O’ Be Cocktails are trying to do. Alcobev is not an easy category to be in; the team has shown consistent efforts in the right direction to lead the upcoming growth of RTD in Indian markets” Shivam Agarwal leading the Sattva family office commented.