Jimmy’s plans to use fresh funds towards new product development
Gurugram based Radiohead Brands, makers of Jimmy’s Premium Cocktail mixers, has recently raised Rs 6 crores in a bridge round led by Vinay Agarwal – Director, First State Stewart Asia and Keki Mistry, HDFC Ltd, among others.
Launched September 2019, Jimmy’s Cocktails had completed a seed round of INR 2.5 crore just before the lockdown was announced. Primarily a retail focussed brand, the company started Direct-To-Consumer sales from their website to overcome COVID-led challenges.
For their Pre-Series round, the company took a measured decision to limit the size of the investment, as the founding team believes in maintaining profitability with growth. Proceeds from the new round will go towards the expansion of its retail footprint and enhancing its product portfolio. The company also plans to expand to overseas markets shortly.
Indian consumers are fast acquiring a love for cocktails. The trend has been visible at bars and restaurants for a while, in fact over recent years, cocktails as a category has moved up the curve to contribute upto 30% of revenue among premium bars.