Craft beer maker White Owl raises US$5.6 million in series B funding
Investment emphatically validates rampant popularity of premium craft beer in India
WHITE Owl, an Indian premium beer brand, has received a growth capital investment of US$5.6 million led by IIFL India Private Equity Fund and supported by its existing investor base.
The new funds will be used to deepen White Owl’s presence in its existing markets; expand the brand’s presence to new markets (within India and abroad); and grow its portfolio to include both strong craft beer and kegged craft beer nationwide.
With this investment, White Owl has raised US$9.8 million to date, validating the popularity of premium craft beer in India across its growing millennial consumer base.
White Owl’s growth plans include a balanced focus on expanding its geographical footprint and its broader craft beer portfolio.
In addition to deepening its existing presence across Mumbai, Pune, Goa, Delhi & Bengaluru, White Owl will enter five new markets across north and south India as well as two international markets, all by the end of 2020, for which preparations are well underway.
With current monthly sales of 20,000 cases, White Owl commands over US$700,000 of consumer spend per month that is expected to more than double by the end of 2020.
Javed Murad, founder of White Owl, says, “We are thrilled to deepen our relationship with the IIFL Asset Management team that shares our ethos of ambitious growth coupled with disciplined business practices.”
In early December, White Owl will add kegs to its existing offering of bottles and cans nationwide to cater to the increasing demand for craft beer on tap beyond the walls of India’s growing microbrewery cluster.
To support these initiatives and growing consumer demand, White Owl has already expanded its manufacturing to Karnataka in addition to its existing manufacturing in Madhya Pradesh to avail of numerous scale and supply chain efficiencies.
“We look forward to building a strong partnership with White Owl’s incredibly committed and disciplined management team as they propel their brands to inevitable market leadership,” says Prashasta Seth, senior managing partner, at IIFL Asset Management.
White Owl was conceptualized and founded by entrepreneurs from Harvard Business School and the Wharton School of Business, and is supported by a diverse investor group out of both India and the United States.
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18 Oct 2019