Alcoholic beverage startup Woodsmen Mountain Whiskey has raised a funding of $1.5 Mn (INR 12.5 Cr) in its Series A round, led by FinFirst Group and Anthill Ventures.
The funding round also saw participation from various other investors, including Sixth Sense Ventures managing partner Nikhil Vora, former COO of Sula Vineyards Chaitanya Rathi, Bombay Shaving Co founder Shantanu Deshpande, Vahdam Teas founder Bala Sarda, former Diageo MD Pradeep Gidwani, and V3 Ventures cofounder Arjun Vaidya.
Further, existing investors like Country Delight cofounders Nitin Kaushal and Chakradhar Gade, and some executives of Woodsmen Mountain Whiskey also invested in the Series A round.
The startup intends to utilise the fresh capital to expand its market, double down on marketing, introduce new products like a single malt range, and expand its team.
Besides the funding, Gidwani and Rathi will also act as advisors to the startup. Ginglani Distillers, founded by Shivam Ginglani, is the parent company of Woodsmen Mountain Whiskey. The startup claims that its whiskey is made by using water from the Himalayan mountains. It also claims to have sold over 2 Mn bottles this year.
Taking to social media, founder and CEO Ginglani said the startup aims to build an “iconic” Indian whiskey brand.
Meanwhile, Rathi, commenting on the funding round, said, “As a seasoned industry professional, I have been guiding Shivam as he builds his whiskey company ground up. Within the first two years in the largest whiskey market in the world, Shivam’s unique Himalayan origin-led “Mountain Whiskey” positioning for Woodsmen, has been able to carve a unique niche for itself away from the old-standing IMFL whisky code by focusing on quality, brand and story.”
Woodsmen Mountain Whiskey competes with the likes of giants like Diageo, Pernod Ricard, and Bacardi in the fast-growing Indian alcoholic drinks market. This expanding market has spawned a number of startups and also drawn the attention of investors.
Indian craft beer startup Bira 91 is backed by the likes of Peak XV Partners, Sofina Ventures, Japan’s Kirin’s Holdings, and MUFG Bank. Its operating revenue rose 15% to INR 824.3 Cr in FY23 from INR 718.8 Cr in the previous fiscal year.
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