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INDSPIRIT 2025 – CELEBRATING THE GROWTH OF ALCOBEV INDUSTRY

• Panel discussion on FTA seeks reduction in tariffs

• Company of The Year is Allied Blenders & Distillers

• Corporate Leader of the Year is Nilesh Patel of Global Beverages Group

• Business leader of the Year is Davide Aiudi of Guala Closures India

• Lifetime Achievement Award goes to Satpal Chaudhry who has held key positions in Mohan Meakins, United Breweries, Shaw Wallace, Empee Distilleries, Him Neel Breweries, and Khoday India.

With India’s alcobev sector showing exceptional growth, SAP Media Worldwide, the publishers of Ambrosia magazine among other publications, reached yet another milestone. On March 21 and 22, it hosted the 20th edition of INDSPIRIT 2025 at Le Meridien, Gurugram. The two-decade journey of INDSPIRIT is a highpoint, reflecting the challenges and opportunities the sector has been navigating all through. And when industry peers met to network, exchange ideas and to chill, it was truly a celebration.

INDSPIRIT is an amalgamation of conference, exhibition, networking and AMBROSIA Awards, organised by Ambrosia. This year the panel discussion was on ‘Free Trade Agreements: Gateway or Roadblock for Indian Alcobev Industry’. The 20th edition also featured a consumer-day, to connect the industry with the end-consumer to taste the many different brands. INDSPIRIT 2025 was powered by Platinum Partner SNJ Group and supporting partners Diageo India and Pernod Ricard.

This year INDSPIRIT had an open consumer day on March 22 wherein consumers got to taste a variety of spirits. Lifting the spirits were DJ Veronika and DJ Zorin, followed by sumptuous buffet. It was day 1 of IPL 2025 cricket and SAP Media ensured that there was live coverage, adding to the zing.

Eminent Jury

The AMBROSIA awards were adjudged by an eminent panel of jury members and they included Stephen Beal (London) – Founding Sr. Consultant, Master of Whisky International Drinks Specialists; Bernhard Schafer (Germany) – A Whisky Expert, Spirit Consulting and A Master of Quaich; Ajoy Shaw – DipWSET Wine Maker & Consultant; Binod Maitin – Independent Technical Consultant; Julie Lee (Taiwan) – Industry Expert and Entrepreneur; and Katsuhiko Tanaka (Japan) – Director, Japan Import System Co.

The jury members for the Packaging category of awards were Prof. K Munshi – Industrial Design Centre, IIT Powai; Shekhar Amberkar – Asst. Director, Indian Institute of Packaging & Head of International Packaging Centre and Jigna Shah Oza – Communication Designer | Design Educator.

Panellists seek rationalisation of tariffs

The panel discussion was moderated by Bhavya Desai, Group Head and CEO of SAP Media Worldwide and the panellists were Suresh Menon, Secretary General of International Spirits and Wines Association of India (ISWAI); Ajay Srivastava, Founder, Global Trade Research Initiative; and Rajnish Singh of Dhvaen Law Practice and consultant on FTA to the Government.

The panellists were in consensus that tariffs on alcobev products are extremely high. Ajay Srivastava said that Donald Trump, the US President was right when he mentioned that India charged 150% tariff on alcohol-based products, followed by passenger cars, while agriculture products it ranged between 30 and 40% and industrial products between 7 and 12%. Trump, he added, was disrupting the world economy with a tariff war.

Suresh Menon said the FTA negotiations were ongoing with the UK and the position of ISWAI members has been that there should be a reduction in tariff on spirits in whatever form they were imported – either bulk or bottled. There was unwanted fear that there would be dumping by cheap Scotch whisky and that would disrupt the domestic market, he said and added that with the trend of premiumisation, this was unlikely to happen. Rajnish Singh advocated a threshold level of tariffs as to bar cheaper products from entering into the country, thus in a way protecting the domestic industry which has been investing substantially in the sector. He referred to the Economic Cooperation and Trade Agreement with Australia which has a threshold level to ensure that cheap wines are not dumped in the Indian market.

The panellists also referred to the Scotch Whisky Association which since 1915, stated that to be called Scotch Whisky, the spirit has to be aged no less than 3 years, malt or grain – replacing the old early 1900s limit of 2 years. The panellists opined that as the rule on 3 year maturation is not going to change and that Indian whisky manufacturers who wanted to export had to keep this in mind, even though the whiskies in India matured faster due to the hot climate.

India third largest alcobev market

Bhavya Desai talked about how India is the third largest alcobev market and was valued at over 52 billion dollars in 2024 and expected to touch 64 billion dollars by 2028, growing at a CAGR of 6.8%.

The panel discussion was followed by the much-awaited AMBROSIA Awards. In his opening address before the awards, the Managing Director and Publisher of SAP Media Worldwide, Trilok Desai said, “Despite operating in a highly regulated environment, the industry is witnessing remarkable growth. But with this growth comes a sense of uncertainty. Domestic players are increasingly concerned about the impact of reduced tariffs on Bourbon and the potential phased reduction on Scotch. The worry isn’t limited to premium Scotch—it extends to more affordable Bourbons and Tennessee whiskies, which could directly challenge mid-range IMFL brands.”

Global alcobev giants dominate

Desai added, “Currently, the Indian alcobev market stands at around 410 million cases, growing at a modest rate of 5%. The beer market is slightly larger at approximately 425 million cases, with a healthy growth rate of 8% to 10%, while the country liquor market is around 250 million cases. The world’s top nine alcobev companies operating in India hold a market share of over 52% by value and 43% by volume of the total Indian alcobev market.

Global alcobev giants operating in India bring deep experience from multiple international markets, significantly contributing to the industry’s growth. However, we shouldn’t overlook our own strengths. Indian companies are producing exceptional IMFL products, world-class single malts, and premium gins, along with competitive, high-quality beers that stand toe-to-toe with international brands. That’s something Indians should be incredibly proud of.”

Success of Indian single malts

Referring to the success of Indian single malts on the global map, Desai mentioned how they are inspiring even multinational companies to invest in producing premium spirits within India. “Many are now not only crafting outstanding single malts here, but also looking to export them globally — a true testament to the growing stature of Indian spirits.”

Talking about the AMBROSIA Awards, Desai said, “They are not just about recognition—they’re a celebration of the hard work, creativity, and dedication that have driven the industry forward over the past year.

Tonight, we honour excellence—from outstanding products and innovative packaging to groundbreaking marketing strategies. Over the past 30 years, Ambrosia has witnessed the transformation of the alcobev industry. What was once a market dominated by a few players has become a vibrant and competitive landscape, with Indian and multinational companies alike driving innovation and quality.”

He said that the AMBROSIA Awards have stood for excellence for three decades, thanks to a rigorous and unbiased judging process. “Each year, we assemble an international jury whose expertise ensures that only the very best are recognised. Their insights have highlighted significant improvements in product quality across various categories. Beyond the products, the jury has also acknowledged the remarkable advancements in packaging and design. From labels and bottle shapes to overall presentation, Indian brands are not just meeting global standards—they are often exceeding them.”

Ambrosia launches ASEAN Edition

Desai talked about Ambrosia magazine which has completed 33 years of successful publishing and in 2024 the ASEAN Edition of Ambrosia was launched. The ASEAN edition, launched from Singapore is being circulated across nine ASEAN countries—making Ambrosia the world’s largest combined circulated alcobev magazine. But we’re not stopping there. We’re also exploring the possibility of hosting an international exhibition and awards in Singapore—a significant milestone for the brand.

After Desai’s speech, the AMBROSIA Awards were presented by Air Marshal (Retd) Anil Chopra, a highly decorated officer of the Indian Air Force.

Quick recap of the Ambrosia Awards 2025

India, Central to Sazerac’s Growth Plans

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The Sazerac Company, one of the world’s largest distilled spirits companies, has major plans for India. The company which has got some fine distilleries across the globe, including in Goa, India, continues to expand its business across continents. To know their rich history and strong distilling capabilities, one can visit Buffalo Trace Distillery in Kentucky, United States; at Domaine Sazerac de Segonzac in Cognac, France; and at Paul John Distillery in Goa, India. Sazerac has additional impressive locations in New Orleans, Montréal, London, Cork and Sydney, to name a few. Sazerac, a family-owned company with nearly 400 years of history, is striving hard to bring the finest spirits to consumers and communities around the world. With renewed interest in Bourbon whiskey in India and Sazerac’s plans, in an interview with Ambrosia, Diego Bianchi, General Manager of Emerging Markets & Barrel Select at Sazerac gives an insight into what is brewing at Sazerac.

What is the potential of the bourbon market in India? What percentage has it been growing in India?

India, as the world’s largest whiskey market, is central to Sazerac’s long-term growth plans. Over the last few years specifically India has experienced an increase in interest in premium American whiskey. The recent launch of Weller Bourbon, one of the most awarded wheated whiskeys in the world, signals Sazerac’s commitment to introducing high-quality, premium spirits to Indian consumers to meet the growing demand in the country. While bourbon as a category is still in its early stages in India, we see tremendous potential for growth driven by favourable economic trends and policy reforms, as well as shifting consumer preferences.

The bourbon market in India is small compared to Scotch, what are the plans to grow this category?

India’s whiskey market, dominated by locally produced spirits and Scotch whisky, offers a unique challenge and opportunity for premium bourbons like Buffalo Trace Distillery’s Weller Bourbon. Buffalo Trace Distillery is the World’s Most Award-Winning Distillery, with over 1,000 accolades. Known for blending tradition with innovation, the distillery experiments with mash bills, barrel techniques, and wood types to continuously push the boundaries of bourbon-making. This commitment to quality and innovation ensures a dynamic and relevant portfolio for global whiskey enthusiasts.

Our goal is to drive awareness and elevate the bourbon category’s premium appeal by introducing interesting and varied expressions into the market. Educating consumers about the unique distillation process and various bourbon mashbills that make bourbon a distinct whiskey offering is a key piece of this.

With India’s premium spirits market poised for continued growth, Weller’s focus on heritage and storytelling, alongside collaborations with connoisseurs and bartenders, is helping position it as a premium yet accessible choice for spirits-enthusiasts.

Which brands of bourbon whiskey are you planning to bring to India?

Currently in India we offer Benchmark Bourbon, Buffalo Trace Bourbon and the recently launched Weller lineup of Weller Special Reserve and Weller 12-Year-Old. In the coming years we expect to continue to introduce Indian whiskey fans to even more of Buffalo Trace Distillery’s award-winning portfolio to meet the market’s increasing demand for luxury spirits and authentic storytelling.

Weller 12-Year-Old Bourbon, aged for over 12 years, offers a smooth, rich experience with notes of almond, creamed corn, and vanilla, best enjoyed neat or on the rocks. Priced at ₹5,400 in Haryana and ₹7,750 in Mumbai, it is India’s oldest age-stated bourbon.

Weller Special Reserve Bourbon features a smooth profile with flavors of honey, butterscotch, and soft wood, complemented by a sweet honeysuckle finish. Versatile for sipping or mixing, it’s priced at ₹2,500 in Haryana and ₹4,500 in Mumbai.

Sazerac is to ‘leverage’ its relationship with John Distilleries, could you explain how?

Sazerac currently holds a 60% stake in John Distilleries, and it has been a strong and productive partnership. John Distilleries’ deep understanding of the Indian market has been invaluable for Sazerac as we navigated India’s dynamic and highly regulated landscape. Through our partnership Sazerac has benefitted from the company’s well of industry knowledge and established practices specific to the Indian market.

With Bourbon duties cut from 150 to 100% in India, will we see a quantum jump in Bourbon sales?

The reduction in duties is a positive first step. We hope this will lead to more premium bourbon brands becoming available in India, helping to grow the category and educate the consumer about what bourbon is and why it deserves a place on their bar.

How will the duty cuts impact the Indian whisky market, per se? Will there be a price correction?

No comment.

Toki Whisky and Yamazaki 12-Year-Old wins awards

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Suntory Whisky Toki receives its First Gold
Chief Blender Shinji Fukuyo recognized as ‘Master Blender of the Year’ for the first time

Suntory Spirits – Toki and Yamazaki Whisky’s recently have been recognized at the International Spirits Challenge 2024 Awards in London. Toki Suntory Whisky was awarded the Gold in the Tasting Awards – Japanese Whisky category while the Suntory Single Malt Whisky Yamazaki 12 Years Old was awarded the Supreme Champion Spirit. Suntory’s Chief Blender Shinji Fukuyo was also awarded the ‘Master Blender of the Year’ for the first time at the awards.

Toki Suntory Whisky was awarded the Gold in the Tasting Awards – Japanese Whisky category

This esteemed recognition reaffirms yet another significant achievement among for these products. Toki Whisky has earned over 20 international awards while Yamazaki 12 Years Old award to the highest scoring Trophy winner of the competition, the top award in the Japanese Whisky category, and was also selected as the most outstanding product out of thousands of entries among all categories.

Suntory’s Chief Blender Shinji Fukuyo was also awarded the ‘Master Blender of the Year’ for the first time at the awards

This marks the first time that Yamazaki 12 Years Old has been awarded as the Supreme Champion Spirit and the second consecutive year for a Suntory Whisky brand to achieve this accolade following Yamazaki 25 Years Old last year.

These recognitions are a testament for the company’s excellent blending skills and the pursuit of perfection in quality for its whisky making, further cementing the reputation of Japanese Whisky added the company.

Octaga Green unveils Master’s Imperial and Captain’s Select Whisky’s

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Marrying tradition with sustainability

Octaga Green introduced Master’s Imperial and Captain’s Select, two premium whiskies that embody the brand’s philosophy of blending sustainability with time-honoured craftsmanship. The Master’s Imperial whisky is priced at Rs. 1,815 for a 750 ml bottle, while Captain’s Select is available for Rs. 1,245 for a 750 ml. Both products are available for purchase throughout India and M.O.D. (Ministry of Defense) across 18 states and 5 countries.

Master’s Imperial is a premium blended Scotch whisky tailoured for discerning consumers who seek quality whiskey without a hefty price tag. This blend combines rare grain spirits with 6-year-aged, imported scotch malt delivering a smooth and unique taste. The aging process imparts a distinctive depth and complexity to the final product.

At the same time, Captain’s Select Whisky is a top-tier malt whisky that delivers a smooth and unique flavour. The blend features rare grain spirits and malts aged for 3 years, this classic whisky has been rewarded with a Silver Medal at the IWSC London in 2018.

“At Octaga Green, our vision is to shape a sustainable future while delivering world renowned spirits. True quality goes beyond the product; it’s about creating a positive environmental impact,” said Basab Paul, CEO and Managing Director, Octaga Green.

Indri Single Malt launches ‘The City Series’

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First Travel Retail Exclusive for Bengaluru Duty Free

Indri single malt launched its first travel retail exclusive ‘City Series’ with the debut Oloroso-Sherry cask expression exclusively crafted for Bengaluru Duty Free. The limited edition is solely available for travel retail and is also the first in a series of bespoke single cask expressions, where each release will embody the spirit and essence of a different Indian city, available solely through select duty-free outlets across India and the world.

This travel retail exclusive single malt whisky is specially made, designed, and bottled for Bengaluru Duty Free, celebrating the city in every bottle. The 750 ml bottle of the Indri Single Malt Bengaluru Duty Free Expression is Rs. 9,500 and will have an ABV of 58.8%. The exclusive edition is also available only in the Duty Free, Terminal 2 Departure, Kempegowda International Airport, Bengaluru.

*David Grady, Country General Manager, Avolta with Surrinder Kumar, Master Distiller & Blender, Piccadily Agro Industries Ltd.,*

The Bengaluru Duty Free Expression captures the spirit and essence of Bengaluru, paying homage to its blend of vibrant modernity and rich traditions. It showcases the intricate craftsmanship Indri is known for, presented with iconic Bengaluru landmarks incorporated into the bottle design.

The makers state that each sip of this Oloroso-Sherry single cask expression offers a taste of the city, combining complexity and warmth with layers of tradition and innovation. This expression boasts a rich and full-bodied nose, revealing sweet caramel, fresh red fruits, and gentle spices, all beautifully intertwined with nutty, caramelized notes and earthy undertones.

On the palate, it offers a warming and balanced experience, featuring fresh red berries, subtle toffee, vanilla, and nuttiness, complemented by soft spices and a gentle dryness. The finish is long and smooth, with lingering flavours of sweet vanilla, spice, and fruity undertones, creating a lasting impression of depth and complexity.

Watch the review of Indri Single Malt here.

“We are thrilled to unveil the first expression of our ‘City Series’ with Bengaluru Duty Free. Each expression of this series is a celebration of India’s diverse cities, their unique essence, and cultural richness,” said Siddhartha Sharma, Promoter, Piccadily Agro Industries Limited. Piccadily plans to launch each expression of the ‘City Series’ that will be an ode to a city’s unique culture, essence, and personality. City specific expressions will be released at other exclusive duty-free outlets, allowing travellers to embark on a flavourful journey through India.

Longitude 77 launched in Punjab

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Pernod Ricard India has launched Longitude 77 in Punjab offering seekers of authentic, contemporary Indian luxury a memorable experience which was marked by a launch event at the 10^th anniversary of EYP Creations. The launch was held at the 10-year celebration of EYP Creations, which specializes in handling Punjabi music artist.

EYP Creations manages Punjabi artist like Parmish Verma, Jassie Gill, B Praak, Babbal Rai, and others out of which the event witnessed the presence of B Praak, Gurnazar, and Jassie Gill.

With the availability of Longitude 77 in Maharashtra, Goa, Haryana, Chandigarh, Rajasthan, Uttar Pradesh, Dubai, and at Delhi Duty Free, the brand is further making its way in the Indian markets with the launch in Punjab. It is aimed at providing a premium convivial experience while establishing a new benchmark for Indian whisky drinkers in Punjab.

The culinary experience featured Punjab’s bold flavours, reimagined in contemporary, experimental dishes. The event culminated in an exclusive Longitude 77 tasting experience, featuring serves along the Longitude such as Punjab Old Fashion that highlighted the finest local ingredients, recognized with GI tags for their exceptional uniqueness.

Watch our review of Longitude 77 here.

Kartik Mohindra, Chief Marketing Officer, Pernod Ricard India said, “We are proud to bring Longitude 77 to Punjab, a region known for its deep appreciation of authenticity and grandeur. This launch marks an exciting chapter as we continue to share this unique spirit of India with connoisseurs across the country.”Nikhil Dwivedi, Founder & Director, EYP Creations said, “As we celebrate a decade of EYP Creations, it’s truly exciting to mark this milestone by partnering with such a prestigious brand like Longitude 77 for their launch in Punjab. The brand reflects the same values we stand for.”

Campari picks up minority stake in ODC (BidCo)

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Campari Group has completed the acquisition from ODC (BidCo) Limited of a 14.6% minority stake in Capevin Holdings Proprietary Limited, the South African holding company indirectly owning, in particular, 100% of CVH Spirits Limited, a Scottish company operating in the production and commercialisation of renowned Single Malt Whiskies Bunnahabhain, Deanston, Tobermory and Ledaig, and Blended Whiskies Scottish Leader and Black Bottle.

Campari Group also holds distribution rights for brands from CVH Spirits Limited portfolio in France and South Korea. In accordance with Capevin Holdings Proprietary Limited’s memorandum of incorporation, Campari Group has exercised its right to appoint a board member and has additional governance rights to protect its minority position. The purchase price paid amounted to GBP 69.6 million (corresponding to €82.6 million at the exchange rate of the transaction date). The transaction was financed using available cash.

Scotch Whisky exports in first half of 2024 reflect global economic headwinds

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Export value of Scotch whisky in H1 2024 was £2.1bn, down £463.2m (-18%) compared with H1 2023
Export volume of Scotch whisky in H1 2024 was 566m 70cl bottles (equivalent), down 64.3m (-10.2%) 70cl bottles compared with H1 2023
H1 2024 is the 4th highest value export total since record began.

The Scotch Whisky Association (SWA) has released new figures revealing that exports of Scotch whisky in the first half of 2024 have fallen by 18% compared to the same period in 2023.

Data for H1 2024 shows that the value of Scotch whisky exports declined when compared with the first half of 2023 – a year in which the industry saw a reduction in exports after a record breaking 2022. Export value in H1 2024 was £2.1bn, down 18% on 2023. In the same period, the volume of exports fell by 10.2%, to the equivalent of 566m 70cl bottles – or 36 bottles of Scotch whisky exported each second, compared to 40 bottles per second in the first half of 2023.

UK Government backs producers

Publishing the figures, which are collated by HMRC, the SWA called on the new UK government to take action to ‘back Scotch producers to the hilt’, as Prime Minister Keir Starmer promised to do in the run up to the General Election. This includes reducing the tax burden on Scotch whisky at the Budget on 30 October following the damaging domestic impact of the 10.1% duty increase in August last year.

By value, the United States remains the largest global market in the first half of 2024. The industry continues to feel the impact of the 25% tariff on Single Malt Scotch whisky, levied between October 2019 and March 2021, which cost the industry £600m in lost exports and market share. The industry continues to press for a full resolution of the underlying trade dispute and ensure that Scotch whisky is removed from further harm in this critical global market.

By volume, India is the largest market, with growth of 17.3% in the first half of 2024 compared with the previous year. This is despite the current 150% tariff on imports remaining in place. The SWA has called on the new UK government to redouble efforts to conclude the UK-India Free Trade Agreement. The phased reduction of the tariff would benefit industries in both the UK and India and could see the value of Scotch whisky exports grow by £1bn over five years.

Commenting on export figures in the first half of 2024, SWA Chief Executive Mark Kent said, “The Prime Minister has promised to ‘back Scotch producers to the hilt’. These figures are a reminder that the success of Scotch whisky cannot be taken for granted and requires government support to ease the industry through short term volatility.

“We are a resilient industry, exporting to over 180 markets, and are experienced in navigating such periods of turbulence, and we are confident of the long-term growth opportunities for Scotch whisky. But it is clear that the first half of 2024 has been challenging, as for other premium global exports. This has not come as a surprise given the volatile international situation affecting global industries and inflationary pressures which have fed through to consumers across global markets.

Seeks Duty Cuts by New Government

“The UK Budget on 30 October is the first opportunity for the new Labour Government to show it truly supports Scotch. Last year’s double-digit tax hike on Scotch whisky in the UK, the largest in 40 years, has already lost HM Treasury almost £300 million in tax revenue. Beginning to reverse the damage by cutting duty on Scotch whisky will boost public finances and bolster the industry through this challenging period.

“In addition, the H1 figures clearly show that our biggest market, the US, has not fully stabilised following COVID and the damage caused by the 25% tariff on Single Malt in the US. The permanent elimination of this tariff, going beyond the current five-year suspension, would remove uncertainty, give the industry increased confidence and allow our full focus to be on growing in this highly competitive spirits market.

“It is welcome that the UK government has picked up negotiations on a UK-India trade agreement. Exports to India have been a bright spot in the first half of 2024, despite the current 150% tariff being a brake on future growth. Securing a deal which reduces the tariff would be a major boost to the industry and help to mitigate the impact of a slowdown in other global markets.”

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Growing Investor Sentiment in Indian Alcobev Industry

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The Indian alcobev sector has exhibited continuous growth exuding investor confidence. Liquor companies are no longer taboo when it comes to investments by the general public, resulting in a number of companies raising funds from the equity market and doing pretty well at that. Not just that, mergers and acquisitions (M&A) are adding to that growing investor sentiment.

In the recent past, the alcobev sector has witnessed some important investments, including M&A deals. One of the fastest growing craft beer manufacturers Bira 91 raised $25 million in Series D financing from existing investor Kirin Holdings, as per the Ministry of Corporate Affairs. The company has agreed to avail the external commercial borrowing (ECB) in two tranches of $12.5 million. Bira 91 has also agreed to provide Kirin Holdings with an option to convert the outstanding borrowings into Series D Compulsorily Convertible Cumulative Preference Shares (Series D CCCPS) of the company. The funding round comes a few months after Bira 91 raised $25 million from Tiger Pacific Capital in March 2024. This brings the total money the New Delhi-based company raised to $50 million in the past three months. Established in 2015 by founder and CEO Ankur Jain, Bira 91 is backed by Sequoia Capital India, Belgium-based Sofina, and Japan-headquartered Kirin Holdings.

Innovation gets funding

The trend which is quite obvious is that big players are eyeing innovative niche brands for acquisition, adding portfolio and value to their existing business. Bira 91 is one example, the other is the minority stake of United Spirits Limited (Diageo India) in Nao Spirits, the makers of India’s first London Dry gin – Greater Than – followed by the world’s first Himalayan Dry gin – Hapusa. In 2022, Diageo India with an investment of ₹31.5 crores holds 22.5% of the equity share capital of the company on a fully diluted basis. Nao Spirits had earlier raised US$ 2 million as Series A investment from a boutique VC firm, existing investors, and family offices.

The more recent follow-on investment of ₹13.15 crore comes from Tilaknagar Industries in Spaceman Spirits which is known for its Samsara gin and Sitara craft rum. In a filing to the stock exchanges, the company informed the bourses that its Board had approved the follow-on investment, thus taking Tilaknagar’s stake in Spaceman Spirits to 20.02%. Further, upon SSL achieving certain pre-agreed milestones, the definitive agreements provide an option for the company to invest or acquire further shares held by other shareholders as per a pre-determined valuation methodology.

Investments helping companies broad-base portfolio

Tilaknagar Industries, the makers of India’s highest selling brandy Mansion House, has also entered into a usership agreement wherein it will leverage its robust distribution network to sell Samsara Gin and Sitara Rum in certain states in India and abroad. Amit Dahanukar, chairman and managing director, Tilaknagar Industries, said, “The premium-end of alcobev industry in India has been witnessing phenomenal growth over the past few years. While we are already the market leaders in brandy, we will look to cherry-pick every promising opportunity to broad-base our portfolio and boost revenue growth. We feel this investment will open new avenues for profitable participation in the crafts spirit’s segment.”

In September this year, Globus Spirits, manufacturers of Gr8 Times, Rajputana etc. got a boost with Motilal Oswal Mutual Fund buying 2 lakh equity shares, representing 0.69% stake via block deal on the National Stock Exchange. Following this the stock is doing fairly well and it has got a further leg up after its announcement that it had launched DŌAAB India Craft Whisky. This new range marks the company’s foray into high-end whisky, bringing a fresh perspective to the growing segment. DOAAB India Craft Whisky, a limited-edition series, draws inspiration from the Hindi word “DOAAB”, which means the land between two rivers, reflecting the fusion of diverse influences.

Companies that got funding

Also earlier, we have had another big investment from Zerodha which acquired 13.9 lakh shares (1.04%) in Radico Khaitan, one of the oldest and largest IMFL manufacturers, known for its popular brands like Magic Moments vodka, 8PM whisky, and Rampur premium Indian single malt. Nikhil Kamath, co-founder of Zerodha, had mentioned that Zerodha held a 1.6-1.7% stake in Radico Khaitan, valued at approximately ₹400 crore. He highlighted the strong performance of Radico Khaitan as a key factor behind this investment, noting that the stake was acquired through open market transactions.

In February 2023, Integra Essentia acquired Chateau Indage Winery for $5 million in an asset transaction and in end December it acquired Brewtus Beverages for $2 million. LIC-backed penny stock, Brewtus Beverages will unlock the business potential embedded in the liquor-based beverage industry for Integra Essentia while widening the company’s footprint via stepping into the foray of medium~hard liquor-based products adding “Beer” and “Whisky” to the product portfolio, the company has said in a statement.

Angel investors and VC funding

Jimmy’s Cocktails was founded by Ankur Bhatia in September 2019 under Radiohead Brands, offering a range of cocktail mixers. Jimmy’s Cocktails had raised ₹14 crore in a bridge round ahead of its Series A, led by Roots Ventures. 7Square Ventures and several start-up founders via an AngelList led by Vishesh Khurana, Co-founder Ship Rocket and Varun Alagh, Co-founder Mama Earth also invested in this round. Existing investors Keki Mistry, Vice chairman and CEO, HDFC Ltd; Vidur Talwar, Chairman T&T Motors; Anirudh Somani, VP CLSA also participated in the round.

Early this year, Radiohead Brands concluded its pre-Series A funding round, raising an impressive ₹35 crore. Prath Ventures spearheaded the funding initiative with a substantial contribution of ₹12.2 crore, accompanied by investments from Capital Ventures, Illeyrium Ventures, and notable angel investors Neel Bahl and Sandeep Aggarwal of Droom. This funding injection comes as a follow-up to the ₹11 crore secured in July this year, further propelling Radiohead Brands on its path to becoming a key player in the industry.

Bengaluru-based alcoholic beverage brand RockClimber with crafted wine coolers, mixers, and other wine beverages is expanding its nation-wide footprint having earlier raised a pre-Series A funding round worth US$ 1 million from angel investor Anand Prakash Sharma. Another start-up Salud which offers pre-mixed drinks, has raised funds from actor and serial entrepreneur Rana Daggubati.

List of investors

There is a list of 40 angel investors and venture capitalists who invest in wine and spirits startups and they include ah! Ventures; Inflection Point Ventures; Anicut Capital; Skayle; Chakradhar Gade; Anicut Angel Fund; Prashant Pansare; Rohan Mirchandani; Mohit Shrivastava and Nitin Kaushal (Ginglani Distillers); Kirin Holdings; Soumya Kant (Bored Beverages Company); Ankit Bhati (Salud Beverages); Srini Koppulu; Abhishek Goyal; First Cheque; Prabhtej Singh Bhatia and Dotln (Bored Beverages Company); Rana Daggubati (Iron Hill India); Sprout Investments (O’be Cocktails); Chandigarh Angels Network; Sameer Guglani; Lets Venture; VerlInvest; Eagle 10 Ventures; Japan Vyas and Roj Niyogi (Hipcask); Deepinder Goyal; Rohan Mirchandani; Saama Capital; Bold Ventures; Supermorpheus; DSG Consumer Partners; Hem Angels; Kae Capital; Mohit Srivastava; Ashish Dhawan; Bhavish Agarwal; Mumbai Angels; Kunal Bahl; Bhawna Bhatnagar; and Abhijeet Pai.

Alcobev, a good bet for investors

What does these investments all indicate? That the alcobev industry, which has been among the fastest-growing industries in India, is a good bet for investors, given the ever-evolving demand for liquor and related products and the consistent performance of the companies. Though the industry is highly regulated, vastly varying from one state to another, the growing demand from consumers for premium products has encouraged the producers to further explore the markets. India is one of the largest alcohol markets in the world. Given the production scale, evergreen demand, and a vast range of products, the industry has grown consistently.

Adding zing to the market are the startups who are disrupting with their brands, nevertheless adding considerable value to the thriving liquor industry in India. The exponential growth of the homegrown premium brands – Indian Single Malts are making waves the world over – has further enthused investor confidence.

John Distilleries invests Rs. 100 crore in Goa plant expansion

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John Distilleries Ltd has invested ₹100 crores in the expansion of its Goa distillery. With demand growing for Paul John Single Malt whisky in both domestic and international markets, the company has added capacity taking to 3 million litres annually from 1.5 million litres.

John Distilleries Ltd (JDL) is stepping up exports and exploring newer global markets for its Paul John Single Malt (PJSM) whiskey, the company said in a statement. Presently, Paul John is exported to over 50 countries. The company said it will be soon launching new variants of the whiskies starting October this year. The company which has distilleries across 12 locations with an overall production of 24 million cases annually, is firming up plans to roll out premium rums and vodka.

John Distilleries Chairman Paul P. John said, “We have almost tripled the capacity of our Goa distillery, from 1.3 million litres to 3 million litres annually. We invested around ₹100 crore in this expansion which will help us in meeting growing demand for PJSM whiskeys in global and domestic markets.”

According to industry estimates, in 2023-24, JDL exported close to 30,000 cases of PJSM whiskey to over 50 countries such as the US, France, UAE and Japan. In the domestic market, the spirits maker sold around 72,000 PJSM whiskey cases.