Goa-based beer and kombucha startup Latambarcem Brewers (LB Brewers) has raised Rs 120 million (£1.1m) in a pre-series A funding round to expand into Europe.
The investment round was led by LBB Investor SPV, a group of high-net-worth angel investors including Dhruv Agarwala, co-founder and CEO of REA India, the owner of digital real estate platforms Housing.com. Other investors include Sheba Venture Holdings.
Brothers Aditya Ishan Varshnei and Anish Varshnei founded the company in 2017 with the launch of their Maka Di beer brand. Its range includes a Belgian Tripel, a Honey Ale, Bavarian Keller and Rosé Brut IPA made with grapes from Nashik in western India.
LB Brewers launched a second brand, Borécha, which makes kombucha and other functional drinks, in July 2019.
As reported by Indian Startup News, Rob Axenrod of LBB Investor SPV, said of the funding round: “We are thrilled to partner with Ishan and Anish, and to lead this investment, which will significantly bolster the company’s growth trajectory. The enhanced resources are poised to take Borécha and Maka Di to new heights, bringing exceptional craft beverages to a wider audience while maintaining the quality and authenticity that customers have come to love.”
LB Brewers is already present in the US, Canada, the United Arab Emirates, as well as other global markets. The company is now setting its sights on 11 European markets which it will use the new funds to target.
LB Brewers also aims to achieve Rs 3 billion in annual revenue within the next three years, Indian Startup News reported.
Aditya Ishan Varshnei, CEO of Latambarcem Brewers, called the funding a “significant milestone” for the Goa-based company. “This investment will allow us to amplify our efforts and reach new heights. We’re excited to expand our team, enhance our marketing strategies, and ensure wider availability of our beverages to consumers across India,” he said.
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