Homegrown craft beer brand Medusa Beverages has raised INR 56 crore (approximately $6.5 million) in a Series A funding round.
The round was co-led by Amal N Parikh, Managing Director of Ohm Stock Broker, and Ashwin Kedia, Co-founder of Alchemy Capital Management.
Other participants include veteran investor Ramesh Damani, Crest Opportunities, and a group of high-net-worth individuals (HNIs) from Singapore, the UK, and the UAE.
The Delhi-based brand plans to utilize the capital to scale operations, strengthen its partnerships with distributors, and expand its market presence nationwide.
Key focus areas include establishing a footprint in states such as Assam, Andhra Pradesh, and Maharashtra, alongside increasing its annual production capacity, which currently stands at 2 lakh hectoliters.
Founded in 2017 by Avneet Singh, Medusa Beverages has made its mark with a diverse range of craft beers available across seven states, including Delhi, Uttarakhand, Punjab, Chandigarh, Uttar Pradesh, Chhattisgarh, and Himachal Pradesh.
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With its presence in over 7,000 retail outlets, the company has previously raised INR 13 crore in funding.
In FY24, Medusa reported gross revenue of INR 132 crore, driven largely by the popularity of its flagship beer. The company is projecting revenue of INR 175 crore for FY25.
