Maker of Jimmy’s Cocktails closes pre-Series A round at ₹35 crore | Mint
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Business News/ Companies / Start-ups/  Maker of Jimmy’s Cocktails closes pre-Series A round at 35 crore
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Maker of Jimmy’s Cocktails closes pre-Series A round at ₹35 crore

Radiohead Brands has raised an additional ₹12 crore led by Prath Ventures

The company makes cocktail premixes and sparkling beverage mixers like tonic water, and ginger ale, among others. Premium
The company makes cocktail premixes and sparkling beverage mixers like tonic water, and ginger ale, among others.

New Delhi: Radiohead Brands, the four-year-old startup behind the brand Jimmy’s Cocktails and sparkling-mixers, has closed its pre-Series A funding round at 35 crore. 

The current fundraise of 12.2 crore was led by Prath Ventures, with participation from Capital Ventures, Illeyrium Ventures, angel investors Neel Bahl and Sandeep Aggarwal of Droom, and existing investors.

The company makes cocktail premixes and sparkling beverage mixers like tonic water, and ginger ale, among others. It competes with established brands such as Sepoy & Co., Franklin & Sons, Svami, and Jade Forest in the non-alcoholic beverage market.

In July this year, the company had secured 11 crore in a pre-series A funding round from Vijay Shekhar Sharma and Prath Ventures.

Ankur Bhatia, founder and CEO, said the company was committed to building its brands sustainably and profitably, focusing on cash flow, zero credit sales, and account-wise profitability. The company was founded by Bhatia and Nitin Bhardwaj, the company’s COO.

Radiohead reported 80 crore in gross revenues in FY23, and expects to close the current fiscal with 100 crore. It aims to be profitable by next year.

Piyush Goenka, founder of Prath Ventures said the company had a strong understanding of brand building and distribution. “We believe the company is set to emerge as a leading player with a diversified portfolio," he added.

The Indian Council for Research on International Economic Relations (ICRIER), a leading economic policy think tank, forecasts robust growth for the country’s non-alcoholic beverage market. According to its 2022 report, the market could expand at a significant compound annual growth rate (CAGR) of 8.7%, reaching a staggering 1.47 trillion by 2030.

This growth stands out from the 67,100 crore pre-pandemic market in 2019, encompassing soft drinks, juices, bottled water, and fruit-based beverages.

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ABOUT THE AUTHOR
Varuni Khosla
Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands.
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Published: 01 Dec 2023, 06:16 PM IST
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