Alcobeverage startup Latambarcem Brewers (LB Brewers) has raised Rs 12.5 crore or $1.5 million in its pre-Series A round led by LBB Investor SPV (special purpose vehicle)– a group of UHNW angel investors. This funding round also included Housing.com CEO Dhruv Agarwala, Sheba Venture Holding, and many others among the participants.
The Goa-based startup announced that the money will be spent on its geographical development and the raise of production capability in the country. LB Brewers also plans to deploy the funds to expand its team, enhance marketing activities, as well as upgrade the supply chain management systems.
Founded in 2017 by brother-duo Aditya Ishan Varshnei and Anish Varshnei, LB Brewers is a multi-faceted beverage business. Their lineup to date consists of Maka Di – a craft beer – and a line of functional beverages called Borecha.
The startup states that it operates in the United States of America, Canada, the United Arab Emirates, and other parts of the world. It intends to operate in 11 European countries during the current calendar year. The startup wants to generate an annual turnover of Rs 300 crore in the next three years.
It contends with industry majors like Diageo, Pernod Ricard, Bacardi, and emerging players such as Bira 91 in the growing Indian alcoholic beverage market. It has created a lot of opportunities for startups apart from attracting interest from investors. Additionally, Bira 91 is planning on going public within the next three to five years by 2026. To date, the startup has secured funding from Peak XV Partners, Sofina Ventures, Japan’s Kirin’s Holdings, and MUFG Bank. Its operating revenue also increased 15% to Rs 824.3 crore in FY 23 from Rs 718.8 crore in the previous fiscal year which show that its overall operation has improved in the current year. However, the net loss rates also widened by 12% YoY and stood at Rs 445.4 crore in the year under review.
Meanwhile, LB Brewers CEO Aditya commented, “We’ve always prioritised building a solid foundation, focusing on exceptional R&D, product development, and packaging. This investment allows us to amplify our efforts and reach new heights. We’re excited to expand our team, enhance our marketing strategies, and ensure wider availability of our innovative beverages to consumers across India.”
