05 March 2024 – Bengaluru-based startup Swizzle, a trailblazer in locally crafted mocktails using natural ingredients, has successfully raised an undisclosed sum in seed funding from a group of angel investors. The equity-driven seed investment, spearheaded by existing investor Monika Rao, includes support from notable figures like Akshay Singhal, Founder and CEO of Log9 Materials, along with new investors Deepak Gambhir and Sri Harsha Thota.
About Swizzle:
Founded by Vrinda Singhal and Deepender Singh, Swizzle has garnered over Rs 1 crore in cumulative funding. The startup has set its sights on leveraging the newly acquired seed capital to fuel extensive retail expansion, team augmentation, inventory optimization, quality control measures, and strategic marketing initiatives.
Swizzle plans to promote its premium canned mocktails on a larger scale, hiring skilled professionals, increasing in-store product availability, maintaining production standards, and expanding its distribution network, particularly in the retail sector. A substantial portion of the funds will be dedicated to marketing and brand-building efforts, spanning online and offline campaigns, pop-ups, events, and branded packaging.
Vrinda Singhal and Deepender Singh, Co-Founders of Swizzle, expressed their excitement about the seed fundraising, emphasizing its significance in revolutionizing India’s beverage industry. The funds will enable Swizzle to introduce its refreshing mocktail products to a wider audience, both in the consumer and business-to-business segments. The startup aims to be accessible in over 1000 locations by August 2024, extending its reach to new cities nationwide.
Monika Rao, Lead Investor in Swizzle, highlighted the company’s unique ability to innovate and bring high-quality mixers to the market. Swizzle’s revamped branding and packaging position it well to capture the young, upwardly mobile customer base in Tier 1 cities, where the demand for innovative ready-to-consume products is on the rise.
Conclusion and Future Plans:
Swizzle, known for its 100 percent vegan and artificial ingredient-free ready-to-drink (RTD) mocktails, achieved an impressive 210 percent growth in FY 2023. With plans to reach a projected revenue of Rs 15 Crore by the end of FY 2025, Swizzle is poised for accelerated growth. The startup, currently available on major e-commerce platforms, is eyeing partnerships with express delivery platforms and aims to expand to 3000+ locations, serving up to 5 lakh mocktails per month. Future endeavors include venturing into cities like Hyderabad, Mumbai, Pune, and Chennai, with a focus on the HoReCa and QSR segments.
