Entrepreneur: Bored Beverages on Tuesday announced to have raised over INR2.5 crore in a seed round led by Inflection Point Ventures along with private investors Bhawana Bhatnagar, Soumya Kant. Prabhtej Singh Bhatia, founder of Simba Beer will be joining in the journey of building Bored Beverages as a strategic investor and mentor. The funds raised will be utilized to expand the team and scale sales and marketing operations and will also be used towards establishing a well-set distribution channel and building the brand in the market.
“The seed funding is going to play a pivotal role in achieving the vision for Bored Beverages which is to break the monotony of traditional alcohol in the Indian market. With No Label Mead as our first product towards building a cross-category portfolio company, we plan to bring to the market new alcohol and new flavours for consumers to experience,” said Vinayak Malhotra, co-founder, Bored Beverages.
As per industry reports, by 2030, 50 per cent of consumers are expected to buy more of the same category of alcoholic beverages that they were consuming, 26 per cent are estimated to move to higher brands, and 24 per cent are expected to spend on newer categories of alcoholic beverages. Bored Beverage falls in the new category. India is one of the fastest growing alcoholic beverages markets globally, with an estimated market size of $52.5 billion in 2020 and the market is expected to grow at a compounded annual growth rate of 6.8 percent between 2020 and 2023. The global mead market is growing rapidly at a compounded annual growth rate of 18.7 per cent to touch $1621 million by 2028. The global ready-to-drink market is growing at higher rates than spirits, wine, and beer, signaling a major shift in consumer interest in this category across all demographics. Robust demand for flavored alcoholic beverages and the adoption of low alcohol content beverages are predicted to fuel the ready-to-drink alcohol industry and outperform the wider beverage alcohol, according to a statement given by the company
“India as an alcohol consumption market has been steadily on a rise. The young population — gen-Z, and millennials – want to explore and expect unique combinations to be served. Going forward, we expect alternate alcoholic beverages to be a fast-growing segment and Bored Beverage has the right concoction to serve unique drinks to its target customers,” said Mitesh Shah, co-founder, Inflection Point Ventures.
Bored Beverages is building a cross-category portfolio of alcoholic beverages for the millennials and gen-Z by bringing out newer brands with various flavors and different alcohol percentages, using various traditional and non-traditional ingredients. Their first product in the market – No Label is a mead, which is an alternate alcohol made from fermenting Honey. No Label is intended for early alcohol consumers due to its ease of drinkability and lightness. The brand aims to disrupt the Indian alco-bev market by using its early mover advantage, unique product, well-established standard production operations, and quality control procedures.