Rum startup Rock Paper Rum raises funds at Shark Tank India at a valuation of Rs 20 crore

31
Rum startup Rock Paper Rum raises funds at Shark Tank India at a valuation of Rs 20 crore

In an exclusive interview with ETRetail, Lalit Kalani, founder of Rock Paper Rum, said, “We expect to grow our sales by three times with the launch of products and expansion in new markets.” While sharing some financial details, he said, “This financial year, we expect to close over Rs 5 crore worth of rum sales (GMV).”

New Delhi: Rock Paper Rum, a craft-rum startup has raised Rs 50 lakh in funding at a valuation of Rs 20 crore from Vineeta Singh, co-founder and CEO of Sugar Cosmetics at Shark Tank India’s Season 3.

Sharing the break-up of funding amount from Singh, the startup said it has received Rs 20 lakhs for 1 per cent equity in the company and Rs 30 lakhs debt at 10 per cent interest for 2 years. Till present, the firm has raised close to Rs 7.5 crore ($1 million) including the latest funding. In an exclusive interview with ETRetail, post this funding, Lalit Kalani, founder of Rock Paper Rum, said, “We expect to grow our sales by three times with the launch of products and expansion in new markets.”

While sharing some financial details, Kalani said, “This financial year, we expect to close over Rs 5 crore worth of rum sales (GMV).” Further, he stated, “We plan to become a national force within the coming year, expanding to key markets like Goa, Haryana, and Karnataka.” Apart from expansion in key markets, the firm said to utilize the funding in brand marketing, team building, and doubling the production capacity. In the next phase of expansion, the brand will also seek opportunities in international markets such as Singapore, South East Asia, and the Middle East, Kalani shared.

Talking about the global liquor market, Kalani said, “The consumers’ willingness to change is big in this market as they are trying different quality gins & rums, and Indian liquor is now gaining popularity in terms of quality. ” In the Indian market, “Rum is one of the largest categories in the alcohol industry. And there is a premiumization trend in the rum and gin category also.

It is a pretty large market to go after in India as consumers are looking for newer brands where they can upgrade from a lower segment to a slightly premium segment,” Kalani explained. To stay relevant for modern consumers, the brand shared that it is working on innovative products and launching different variants of rum. Sharing further plans for the company, Kalani said, “We are planning to launch our coffee brand – Rock Paper Coffee to stay creative yet relevant for the consumers.”

Incorporated in 2021, Good Barrel Distilleries Private Limited is the parent firm of Rock Paper Rum. Currently, it is contract manufacturing its rum in Maharashtra. It offers rum variants such as Indian Spiced, Coastal White, Zesty Lemon, Roast Coffee, and Tropical Coconut.

LEAVE A REPLY

Please enter your comment!
Please enter your name here