Ghodawat Consumer Limited (GCL), the consumer goods arm of Sanjay Ghodawat Group, on Monday said it has acquired beverage startup Coolberg in an undisclosed deal.
The financial details of the deal were not disclosed.
Mumbai-based Coolberg, which offers malt-based flavoured non-alcoholic beverages, is backed by investors including India Quotient and Singapore-based family office RB Investments. The startup has raised Rs 40 crore since inception.
Coolberg’s current investors get an exit as a part of the deal. The brand will join the Impulse division of GCL, with its entire 300-member team joining the Sanjay Ghodwat-led Group’s fast-moving consumer goods (FMCG) business, which also offers products such as carbonated drink Fizzinga, and fruit beverage Frustar.
The startup will prioritise brand-building, going to market and scaling up manufacturing in the near term as a part of GCL, co-founder Pankaj Aswani told VCCircle, adding that Coolberg will benefit from the FMCG company’s larger ecosystem.
The company was founded in 2016 by Aswani and Yashika Keswani and scaled up its distribution to more than 200 cities and across 10 countries.
“The idea is to increase exponentially from a marketing perspective and increase market penetration too,” said Aswani.
The company uses an omnichannel approach to offer its beverages, which it sells across online marketplaces, through quick commerce and across supermarkets, restaurants, colleges, airports through its network of 50,000 outlets.
He added that the startup is planning to double the number of outlets to 1,00,000 in the next couple of years. Currently, the brand sells drinks in six flavours.
“Coolberg is a lifestyle brand that has built a strong loyalty amongst its customer base. With this partnership, we are now aiming to accelerate the growth of the brand in both domestic and international markets,” said Keswani.
GCL, founded in 2013, has a portfolio that includes staples, impulse, homecare, and personal care categories. In the last financial year, the company had reported a revenue of Rs 1,400 crore and is aiming to reach Rs 2,000 crore in the next year.
“We are excited about this partnership as Coolberg has created a niche name for itself in the non-alcoholic beverage industry. We look forward to working with the team of Coolberg, as we further expand the business going forward,” said Shrenik Ghodawat, managing director, GCL.
