Gurugram-based beverage start-up Radiohead Brands, known for Jimmy’s Cocktail mixers, on Tuesday said it has raised ₹6 crore in a bridge round led by Vinay Agarwal, Director of First State Stewart Asia and HDFC’s Keki Mistry.
The start-up said that this round also saw participation by existing investors and the founders, all of whom raised their stake in the company.
Launched in September 2019, Jimmy’s Cocktails had completed a seed round of ₹2.5 crore early last year. Primarily a retail focussed brand, the company started Direct-To-Consumer sales from its website to overcome Covid-led challenges and now home delivers cocktail mixers across 400 cities.
Ankur Bhatia, Founder, said, “This investment from investors who had participated in our previous round, is testimony to our vision to be a market leader in the emerging premium beverage segment in India.”
Proceeds from the new round will go towards the expansion of the brand’s retail footprint and enhancing product portfolio. The company also plans to expand to overseas markets.
Nitin Bhardwaj, Co-Founder & COO, Jimmy’s Cocktails, added, “In less than a year, Jimmy’s Cocktails has scaled its presence to 1500 retail outlets across 20 cities and seen a 20X growth. However, while we continue to invest behind the brand and scale our operations, our resolve to build an inherently profitable business is strong”.