Medusa Beverages, a Delhi-based beer brand, has successfully raised Rs 56 crore in its Series A funding round. The investment was led by prominent investors Amal N Parikh and Ashwin Kedia, with participation from Ramesh Damani, Nikhil Garg, Crest Opportunities, and high-net-worth individuals (HNIs) from Singapore, the UK, and the UAE.
“This investment is a testament to Medusa’s growth story and our vision of becoming a dominant player in the Indian alco-bev space. With the support of our investors, we are excited to expand operations, diversify our portfolio, and strengthen our presence in key markets,” said Avneet Singh, Founder and CEO of Medusa Beverages.
Since its inception in 2017, Medusa has launched three beer variants, including the mild beer “Air,” which debuted in 2023. Currently operating in Delhi, Punjab, Uttar Pradesh, and Uttarakhand, the company plans to expand into states like Assam, Andhra Pradesh, and Haryana, followed by southern India. This year, Medusa is set to begin operations in Chhattisgarh and establish two new breweries to boost capacity.
Medusa anticipates selling 1.1 million cases in FY25, with Delhi contributing a significant share.
Despite challenges like unseasonal rains and election-related slowdowns, the company remains optimistic, projecting a 10-12% compound annual growth rate (CAGR) in India's beer industry until 2030, aided by a young demographic and increasing legal drinking-age consumers.
In a significant move, Medusa has partnered with Warner Bros to launch its first co-branded premium beer, “House of the Dragon,” targeting tier-1 city consumers this month.
India’s beer consumption, though modest compared to global standards, has immense growth potential. Industry estimates suggest beer sales reached 350-400 million cases in FY24, with Medusa’s growth driven primarily by its “Air” variant. Singh highlighted India’s unique demographic advantage, where 20 million individuals reach the legal drinking age annually, providing a robust foundation for market expansion.
