Swizzle, a Bengaluru-based beverage startup specializing in Made-in-India mocktails crafted with natural ingredients, has secured an undisclosed amount in a seed funding round from a consortium of angel investors. Led by existing investor Monika Rao, the equity-based seed investment round also saw participation from another current investor, Akshay Singhal, Founder and CEO of Log9 Materials. Joining the round as new investors are Deepak Gambhir and Harsha Thota.
This funding marks Swizzle’s second successful raise, following its initial funding round in 2022. With over Rs 1 crore raised to date, the startup has dedicated its resources towards product development and achieving product-market fit. In line with its growth trajectory, Swizzle intends to leverage the recently acquired seed capital to launch its premium canned mocktails on a larger scale. The funds will be allocated towards various strategic initiatives, including team expansion across sales, distribution, and marketing functions, bolstering inventory levels to meet increasing demand, and maintaining stringent quality control standards throughout the production process.
Moreover, a significant portion of the investment will be directed towards comprehensive marketing and brand-building campaigns, both online and offline, aimed at enhancing brand visibility and attracting a broader audience base. Vrinda Singhal and Deepender Singh, Co-Founders of Swizzle, expressed their enthusiasm for the latest funding round, emphasizing its significance in advancing the company’s mission of revolutionizing the beverage industry in India. They outlined ambitious plans to expand Swizzle’s presence to over 1000 locations by August 2024, with a focus on penetrating new cities nationwide.
Swizzle prides itself on offering a range of ready-to-drink mocktails in various flavors, all of which are 100% vegan and free from artificial ingredients. Demonstrating impressive growth with a 210% increase in revenue during FY 2023, the startup remains on track to achieve its projected revenue target of Rs 15 crore by FY 2025. In addition to its direct-to-consumer (D2C) sales through its own platform, Swizzle also distributes its products via leading e-commerce platforms such as Amazon, JioMart, Flipkart, and Swiggy-Mini. Plans are underway to collaborate with express delivery platforms like Instamart and Blinkit to enhance customer convenience.
On the retail front, Swizzle has established a strong presence in over 350 locations across Bengaluru, including vending machines, Nature Basket stores, MRP outlets, and supermarkets. Looking ahead, the startup aims to rapidly expand its offline retail footprint, targeting over 3000 locations by the end of the current financial year, with a capacity to serve up to 5 lakh mocktails per month. Furthermore, Swizzle intends to venture into new markets such as Hyderabad, Mumbai, Pune, and Chennai, with a focus on capturing opportunities in the Hotels, Restaurants, and Catering (HoReCa) as well as Quick Service Restaurants (QSRs) segments.