Medusa Beverages Raises Rs 56 Crore to Expand Craft Beer Business
Medusa Beverages, a Delhi-based brand known for its craft and premium beers, has raised Rs 56 crore (around $6.6 million) in a Series A funding round. The funding was co-led by investors Amal N. Parikh and Ashwin Kedia, along with contributions from prominent investors like stock market expert Ramesh Damani, banker Nikhil Garg, and other high-net-worth individuals from Singapore, the UK, and the UAE.
This investment follows Medusa’s previous Pre-Series A funding of Rs 13 crore, from many of the same investors. The company now plans to raise an additional Rs 70 crore in a Series B round by September 2025.
Plans for Growth and Production Expansion
Founded in 2017 by Avneet Singh, Medusa Beverages has gained popularity by offering unique craft beers with bold flavors and eye-catching packaging. The brand currently produces various types of lager beer and has established a strong presence in Delhi’s craft beer market. It operates in Delhi, Punjab, Uttar Pradesh, and Himachal Pradesh, using third-party manufacturers in Punjab and Uttar Pradesh.
As part of its expansion strategy, Medusa plans to double its production capacity in Punjab with a new plant that can brew 4 lakh hectoliters of beer per year. The company is forecasting a gross revenue of Rs 180 crore by the end of the 2024-25 financial year and expects this to rise to Rs 350 crore by 2025-26.
Expanding Product Range and Market Presence
The funds raised will help Medusa scale up operations, form strategic partnerships, and introduce new products. The company began with three beers, with alcohol content ranging from 4.5% to 5.9%. In early 2023, Medusa launched a new mild beer called “Air” and expanded into the Uttarakhand market.
In December 2023, Medusa introduced a co-branded premium beer, “House of the Dragon” in partnership with Warner Bros., aiming to attract upscale consumers in major cities.
Looking ahead, Medusa is planning to expand into new markets like Assam, Andhra Pradesh, and Haryana, with future plans to extend into southern India. To meet rising demand, the company is also working on two new breweries.
Future Goals
Founder and CEO, Avneet Singh, expressed excitement about the company’s growth. “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 eager to expand operations, diversify our portfolio, and strengthen our presence in key markets.”
By the end of the 2024-25 financial year, Medusa aims to sell 1.1 million cases, with Delhi expected to remain its biggest market.
