The company will use the investment to boost output to support expansion into new Indian markets

Medusa Beverages, a craft beer producer based in India’s capital, announced that it has raised INR560 million rupees (US$6.5 million) in a Series A round co-led by Amal N. Parikh, managing director of Ohm Stock Broker Pvt Ltd, and Ashwin Kedia, co-founder of Alchemy Capital Management Pvt Ltd. The funding round also drew support from investor Ramesh Damani, Crest Opportunities, and several high-net-worth individuals from Singapore, the United Kingdon, and the United Arab Emirates.

Founded in 2018, the Delhi-headquartered brewer has rapidly captured market share through its offerings such as Medusa Air, Original Medusa Beer, and House of Dragons Fire Edition. According to the company, these brands have helped secure a robust market presence in more than 7,000 retail outlets, and has positioned Medusa as a key player in the sector in Delhi.

Medusa plans to channel the funding proceeds into expanding its operational footprint, forging partnerships with distributors, and boosting brand awareness in multiple Indian regions. Avneet Singh, founder and chief executive officer of Medusa, said the firm intends to enter new Indian markets, including Assam, Andhra Pradesh, and Maharashtra, while also increasing production beyond its current capacity of 200,000 hectolitres.

Medusa reported revenue of INR504m (US$6.1m) in the fiscal year ended March 2023, and projects an increase to INR1.32 billion by the close of fiscal 2024; INR1.75 billion for fiscal 2025; and an eventual target of INR12 billion by 2030.