White Owl raises rs. 40 cr. in Series B funding

Funds to be Deployed for Expansion Across Indian & International Markets & Launching Kegged & Strong Craft Beer

Mumbai, October 18, 2019:  White Owl – one of India’s fastest growing Premium Beer Brands – has received a Growth Capital Investment of Rs. 40 Cr. led by IIFL India Private Equity Fund and supported by its existing investor base.  The new funds will be used to deepen White Owl’s presence in its existing markets; expand the brand’s presence to new markets (within India and abroad); and grow its portfolio to include both Strong Craft Beer and Kegged Craft Beer nationwide.  With this investment, White Owl has raised Rs. 70 Cr. to date, emphatically validating the rampant popularity of premium craft beer in India across its growing millennial consumer base.

White Owl’s growth plans include a balanced focus on expanding its geographical footprint and its broader craft beer portfolio.  In addition to deepening its existing presence across Mumbai, Pune, Goa, Delhi & Bengaluru, White Owl will enter Five New Markets across North and South India as well as Two International Markets, all by the end of FY 20, for which preparations are well underway.  White Owl currently sells ~20,000 cases of its craft beer each month that is expected to more than double by the end of FY 20.

Javed Murad, Founder of White Owl, said, “We are thrilled to deepen our relationship with the IIFL Asset Management Team that shares our ethos of ambitious growth coupled with disciplined business practices.  The beer market in India is an incredibly exciting and dynamic space with robust long term growth drivers, driven by incredibly smart consumers.  We will remain relentlessly consumer-focused and committed not only to top quality beer but also to new styles of craft beer that just aren’t available in India today.”

Prashasta Seth, Senior Managing Partner, at IIFL Asset Management said: “It’s remarkable to see how White Owl has expanded beyond just a single point of sale in Mumbai to over 2,500 bars and wine shops across the country in just a few years.  We look forward to building a strong partnership with White Owl’s incredibly committed and disciplined management team as they propel their brands to inevitable market leadership.”

White Owl’s Award-Winning Portfolio includes Spark, a classic summery Belgian Wit, Diablo, a caramel-roast Irish Red Ale; and Ace, a bubbly Apple Cider Ale, which to date remains India’s only Locally-Bottled Cider available across the country.  In late October, White Owl will launch a Strong German Hefeweizen.  And in early December, White Owl will add Kegs to its existing offering of Bottles and Cans nationwide to cater to the increasing demand for Craft Beer On Tap beyond the walls of the India’s growing microbrewery cluster.

To support these initiatives and growing consumer demand, White Owl has already expanded its manufacturing to Karnataka in addition to its existing manufacturing in Madhya Pradesh to avail of numerous scale and supply chain efficiencies.

About: White Owl

White Owl is a Mumbai-based, Award-Winning Brewery renowned for handcrafting beer using the finest of natural ingredients from around the world.  Armed with an extensive craft beer portfolio featuring an eclectic selection of old-world & new-age styles, White Owl advocates small-batch brewing of crisp, complex flavours & distinct aromas under the leadership of a highly-experienced & internationally-trained brewing team.

As of September 2019, White Owl craft beer is distributed on Tap, in Bottles and in Cans at over 2,500 Restaurants, Bars & Retail Stores across Mumbai, Pune, Goa, Bengaluru & Delhi with several new geographies in the pipeline. 

White Owl was conceptualized and founded by entrepreneurs from Harvard Business School and the Wharton School of Business and is supported by a diverse investor group out of both India and the United States, including: RAAY Global (Patni Family Office), Piyush Pandey (Chairman – Ogilvy & Mather), Sasha Mirchandani (Founder – Kae Capital), Anant Goenka (Managing Director – CEAT), and the Jeejeebhoy Family Office, among others.

About: IIFL Asset Management Limited

IIFL Asset Management Ltd. (IIFL AMC) is a subsidiary of IIFL Wealth Management Limited. IIFL AMC is a global asset management firm, launched with the objective of providing differentiated investment products suited for the market environment. The IIFL AMC business refers to licensed asset management activity carried out by IIFL Wealth Management through its group companies based in Singapore, India and Mauritius. IIFL AMC’s differentiated suite of mutual funds, alternative investment funds and Portfolio Management Services span public and private equities, fixed income securities and real estate. Its distinctive products bring out the entrepreneurial edge, agility and speed of execution of a boutique asset management firm.