Homegrown beer brand Medusa Beverages has raised INR 56 crore (approximately $6.5 million) in a Series A funding round. The round was co-led by Amal N Parikh, managing director of Ohm Stock Broker, and Ashwin Kedia, co-founder of Alchemy Capital Management. The fundraising also attracted investments from prominent investor Ramesh Damani, Crest Opportunities, and several high-net-worth individuals (HNIs) from Singapore, the UK, and the UAE.
The Delhi-based company intends to use the newly raised funds to scale its operations, establish partnerships with distributors, and strengthen its market presence nationwide. Medusa’s founder and CEO, Avneet Singh, shared that the company aims to expand its reach into Assam, Andhra Pradesh, and Maharashtra.
“With the support of our investors, we are excited to expand our operations, build a diverse portfolio of brands, and strengthen our presence in key markets,” Singh said.
Established by Avneet Singh in 2017, Medusa Beverages is a craft beer brand offering its customers three distinct varieties of beer. The company’s products are available in 7,000 retail outlets across seven states, including Delhi, Uttarakhand, Punjab, Chandigarh, Uttar Pradesh, Chhattisgarh, and Himachal Pradesh. The startup has secured a total funding of INR 13 crore to date.
This funding comes when investors increasingly focus on the growing alcohol industry to support companies in scaling production and expanding their market reach nationwide. For example, in November last year, the homegrown beer brand Proost Beer secured INR 30 crore (around $3.5 million) to enhance its supply chain, product offerings, and overall brand growth.
Similarly, Goa-based alcoholic beverage startup Latambarcem Brewers (LB Brewers) raised $1.5 million (INR 12.5 crore) to expand its presence in India, boost manufacturing capacity, grow its team, strengthen marketing efforts, and improve supply chain infrastructure.
