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Alcobev startup RockClimber raises $1 million in pre-Series A funding

New Delhi: RockClimber, an alcoholic beverage brand, has raised $1 million from angel investor Anand Prakash Sharma in a pre-Series A funding round.“The majority of funds to be utilised for working capital,” Deepak Poduval, co-founder of RockClimber said. The company, which has a franchise of crafted wine cooler-alcoholic beverages, mixers and other wine-based beverages, is targeting revenue of over Rs100 crore in three years, he said.

“The commercial wine and beer sectors are up for disruption as consumer palates are changing,” Poduval said. “The shift towards natural beverages that are priced in the value segment is happening, with younger consumers preferring fruity carbonated lower-priced wines.”

According to him, wine coolers are fast eating into the strong-beer market as consumers are switching to more convenient wine options compared to traditional offerings.

According to available industry data, India’s wine market is estimated at $150 million and growing at 20-25% annually. Affordable wine is finding more takers among the younger consumers due to technology enabling higher shelf life and a wider portfolio of flavours as compared to beer.

The above news was originally posted on economictimes.indiatimes.com

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