[Funding Alert] Goa Brewing Company Raises $700,000 Complementary Round from K.Ganesh, Samrath Bedi & Ekcle Ventures

The Goa Brewing Company (known for its popular craft beers ‘People’s Lager’ and ‘Eight Finger Eddie’) announced that it had raised $700,000 from high-profile investors such as K Ganesh (Serial Entrepreneur, Promoter – BigBasket , Portea Medical, Bluestone, Homelane), Samrath Bedi (Executive Director – Forrest Essentials) and other members of Ekcle Ventures (Angel Network).

This complementary funding round will help the company increase production and achieve its market expansion plans. Saama Capital and DSG Consumer Partners had invested early in the. Company.

The development can be seen in light of a significant increase in demand for bottled craft beer (for domestic consumption) in India following the pandemic and multiple lockdowns.

Suraj Shenai, founder of Goa Brewing Company, said: “We started brewing in exclusive small batches at our craft brewery in Sangolda, Goa (located in a heritage Indo-Portuguese bungalow), unlike beer brewed in large commercial industrial complexes that use a multitude of synthetic ingredients. We have made a point of brewing Clean Label beers made only with natural whole grains, hops and fruits largely sourced from local farms. Without any marketing expense or advertising campaign, our beers have developed a following through word of mouth. This brand love from our consumer-evangelists has allowed us to focus on the product and push our brewing boundaries while gradually building a community based on shared values.

“Our Goan rice-based ‘People’s Lager’ is the flagship product in the portfolio that will appeal to consumers looking for alternatives in the premium light beer category. And beers such as ‘Eight-Finger-Eddie’, ‘Breakfast Cereal’ and ‘Pineapple Saison’ appeal to consumers who seek more excitement and diversity in craft beer. In addition to these, we have many new beers ready to hit the market. With our limited capacity, we could initially only supply to Goa and a few cases to Bangalore to test the market. The uncertainty and disruption due to the pandemic and subsequent lockdowns forced us to put our expansion plans on hold. This fundraiser will help us launch into the Bengaluru and Delhi markets this festive season, while expanding our production capacity and hiring key senior professionals into the team,” added Suraj Shenai.

The India Beer Market Outlook 2023 report published by Bonafide Research indicates that the Indian beer market is expected to grow significantly even as consumers shift from standard to premium brands. This will result in the launch of new craft beer brands, which can capture 10-12% of the overall market, with plenty of room for growth, as seen in markets like the United States.

K Ganesh, promoter of Big Basket and one of the investors, said, “Suraj, with his passion, has brought refreshing freshness, handcrafted quality and built a brand in a highly competitive Goan market that stands out. We are very happy to partner with him to roll out the brands in other geographies. The high-volume craft beer space is seriously undeserved and with offerings like ‘People Lager’, ‘Eight Finger Eddie’ and many other beers in development, the future is exciting for GBC.

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