Medusa Beverages, a rising star in the Indian craft beer industry, has successfully raised ₹56 crore (approximately $6.5 million) in a Series A funding round.
This milestone funding was co-led by prominent investors Amal N Parikh and Ashwin Kedia, alongside contributions from Ramesh Damani, Nikhil Garg, Crest Opportunities, and several high-net-worth individuals from Singapore, the UK, and the UAE.
Utilization of Funds and Growth Plans
The newly acquired funds will be primarily used to scale up Medusa’s production capabilities, which currently stand at 200,000 hectoliters annually.
Additionally, the company plans to expand its distribution networks across India.
Medusa aims to strengthen its presence in key regions, including Delhi, Punjab, Uttar Pradesh, Chhattisgarh, and Himachal Pradesh, while also targeting new markets such as Assam, Andhra Pradesh, and Haryana by the end of the fiscal year.
Medusa is also exploring ways to diversify its product portfolio within the alco-beverage industry.
The company has hinted at forming strategic partnerships across its value chain to improve operational efficiency and broaden its market reach.
Company Background and Achievements
Founded in 2017 by Avneet Singh, Medusa Beverages has quickly gained popularity for its high-quality craft beer.
The company boasts a strong retail presence, with its products available at over 7,000 outlets across seven states.
Medusa reported gross revenues of ₹132 crore for FY24 and is projecting an increase to ₹175 crore in FY25.
Founder Avneet Singh expressed confidence in the company’s future, stating, “This funding round reflects Medusa’s growth trajectory and our commitment to becoming a leading player in the Indian alco-beverage market.”
Indian Alco-Bev Market: Opportunities and Challenges
The investment in Medusa comes at a time when India’s alco-beverage market is witnessing growing interest from investors.
Despite regulatory hurdles faced by global players, homegrown brands like Medusa are finding opportunities to thrive.
This funding round underscores the potential of India’s craft beer industry and the increasing appetite for quality products among Indian consumers.
With a focus on innovation and strategic expansion, Medusa Beverages is poised to make a significant impact in the Indian alco-bev market, setting a benchmark for other emerging brands.
