Tilaknagar Industries acquires 19.5% stake in ready-to-drink shot maker Swigger
Tilaknagar Industries Limited, an Indian Manufacturer of Foreign Liquor (IMFL) has invested approx. ₹1 crore for a 19.5% stake in Pune-based start-up Incredible Spirits Private Limited (ISPL), maker of ready-to-drink product Swigger. The capital investment for this transaction will be made immediately from its internal resources. The company is co-investing with Manpreet Uppal, an industry veteran who has interests in alco-bev distribution and hospitality in Maharashtra. Uppal will also invest ₹1 crore in ISPL for the same terms as Tilaknagar Industries. The company sells Mansion House, a premium brandy. ISPL was launched in 2020 by alco-bev industry professionals Arun Raina and Pranav Teredesai. It has developed products in the alcoholic ready-to-drink (RTD) space under the brand name. Shots are made from mother spirits like gin and vodka, mixed with flavors. The launch is expected to take place in 2023, initially in the Goa market, with other regions to be added later. Amit Dahanukar, President and CEO of Tilaknagar Industries, said, “Modern consumers are looking for a premium, convenient and enjoyable drinking experience that gives alcohol-based ready-to-drink beverages a boost. The founders of ISPL foresee enormous potential for this product category and we would like to play a part in bringing their innovative idea to fruition. “This move will provide the company with the opportunity to participate in the growing RTD space “Given the growing trend towards cocktail culture, there remains a constant need to create exciting, yet safer ways to to please,” he added. Ameya Deshpande, President, Strategy and Business Development, for the company said, “The brand is going to be a game changer. We are extremely excited to partner with them to build this category. The product will provide a great opportunity for people to have an enjoyable experience.” According to the IWSR report of May 2022, the RTD market in India is a category of 3 million cases in 2021 and is expected to grow by around 9% per year during the According to the economic policy think tank Indian Council for Research on International Economic Relations, India is one of the fastest growing alcoholic beverage markets in the world, with a market size estimated to be worth $52.5 billion in 2020. This market is expected to grow at a CAGR of 6.8% between 2020 and 2023.
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