India: Craft and premium beer maker Medusa Beverages raises Rs56 crore

Medusa Beverages, a Delhi-based craft and premium beer brand, has raised Rs 56 crore, or about $6.6 million, in a Series A funding round co-led by investors Amal N. Parikh and Ashwin Kedia, Indian Startup News reported on January 24.

Additional investors such as stock market expert Ramesh Damani, banker Nikhil Garg, Crest Opportunities, and other high-net-worth individuals from Singapore, the UK, and the UAE also participated.

The latest round follows an earlier Pre-Series A raise of Rs 13 crore from many of the same investors. The startup now plans a Series B round, aiming to raise another Rs 70 crore by September this year.

Founded in 2017 by Avneet Singh, Medusa Beverages has built its presence by offering distinctive brews that combine bold flavours with a memorable look.

The startup produces multiple types of lager beer and says it has already established market leadership in Delhi’s crown market. It currently operates in Delhi, Punjab, Uttar Pradesh, and Himachal Pradesh, relying on third-party manufacturing in Punjab and Uttar Pradesh.

Medusa intends to double its production in Punjab with a new plant capable of brewing 4 lakh hectoliters per year. The startup forecasts its gross revenue could reach about Rs 180 crore by the end of the 2024-25 financial year, and potentially Rs 350 crore by 2025-26.

The startup plans to use the raised capital towards scaling operations, investing in strategic partnerships, and rolling out new products. Medusa began by offering three beers with alcohol content ranging from 4.5% to 5.9%. Earlier in 2023, it added a mild beer named Air and entered the Uttarakhand market.

In December, it launched a co-branded premium beer called House of the Dragon in collaboration with Warner Bros, targeting upscale consumers in major cities.

The startup is now preparing to expand into Assam, Andhra Pradesh, and Haryana, with an eye on moving further into southern India. It has also started working on two new breweries to meet rising demand.

“This investment is a testament to Medusa’s growth story and our vision of becoming a dominant player in the Indian alco-bev space. With the support of our investors, we are excited to expand operations, diversify our portfolio, and strengthen our presence in key markets,” said Avneet Singh, Founder and CEO of Medusa Beverages.

By the 2024-25 financial year, Medusa hopes to sell about 1.1 million cases, expecting Delhi to be its biggest market.

24 January, 2025