Alcoholic beverages startup O’Be Cocktails has raised Rs 3.5 crore in an angel round led by First Cheque, Letsventure, Ola’s Bhavish Aggarwal and Ankit Bhati, Tracxn founder Abhishek Goyal, and Sprout Investments.
According to the Bengaluru-based startup, the proceeds will launch new products and scale its retail presence from 200 large format stores to over 1,000 outlets across other urban markets.
Started by Nitesh Prakash, O’Be Cocktails sells cocktails with its range of drinks available in Goa and Bengaluru. The brand claims that its cocktails have been built over a hundred iterations to serve a consistent consumer blend.
Ready-to-drink (RTD) beverage sales spiked last year, with most of the country under lockdown and restricted movement, and with an increase in consumers who prefer to drink their cocktails at home.