23.August.2021 – Bengaluru-based O’ Be Cocktails, an RTD cocktail startup, announced that it raised an investment of nearly USD 471 K (INR 34.9 Million). This funding round was led by LetsVenture, First Cheque, Ola’s Ankit Bhati and Bhavish Aggarwal, Tracxn founder Abhishek Goyal and Sprout investment.
O’ Be cocktail will utilize this raised capital to fund its production of a new range of premium cocktails and its strategy of growing sales via retailers.
As per the Research and Market global report, the ready to drink cocktail market size is expected to reach USD 1775.1 million by 2028, with a CAGR of 12 per cent, globally.
As per the report of Goldstein Market Intelligence, India is the third-largest alcoholic beverage market across the globe, following China and Russia, and is expected to grow at a CAGR of 7.4 per cent between 2017-2030.
Words from the investors –
“The Indian alcohol market is a huge, fast-growing $35 billion market. We, however, haven’t seen much product innovation from the incumbents over the past few years despite newer categories like Ready-To-Drink cocktails gaining lots of ground internationally. We believe the time is ripe for ready-to-drink cocktails to take the Indian market by storm, and we love the product and brand that Nitesh and the team are building,” said Kushal Bhagia, CEO, FirstCheque.vc.
About O’ Be Cocktail –
Initiated by Nitesh Prakash in 2019, O’ Be cocktail is India’s first Ready to Drink cocktail startup. It uses a blend of science and art to develop a range of cocktails for various party themes made with vodka, gin, agave, rum, and white rum as a base for the drink. It tries to indulge the customers with a fun-filled vibrant taste.
As the lockdown was declared last year to the Corona Virus Outbreak, the sales of RTD drinks spiked, O’ Be cocktail identified the gap that many consumers were preferring to drink their cocktails at home and brought a premium range of RTD cocktails that can be consumed anywhere and anytime.
“Everyone loves a cocktail, but not everyone has the know-how or means to make one at the comfort of their homes. The Indian alcohol market is still in very early stages of growth on per capita consumption and premiumisation. With O’ Be Cocktails, we have seen tremendous response from consumers and an even greater amount of demand for RTD alcoholic beverages. Our aim is to become the pioneers of the ready to drink category growth with the right blend of product, brand, and sales,” said Nitesh Prakash, Founder and CEO of O’ Be Cocktails.
The startup offers crafted drinks like O’ be Fab Cosmopolitan, O’ be Zesty Mojito, and O’ be lively LIIT, ranging across premium drinks. The brand is providing beverages in 200 stores and has recorded growth of customers in the region of Bengaluru and Goa.
In FY 2021-22 O’ Be cocktail is looking forward to new cocktail variants and reach to more than 1000 outlets across urban markets.
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