New Delhi, January 28: UK-based cocktail startup HappyDown is planning to enter India by June this year and will raise about USD 2 million to be used for the launch and expansion of its beverages. Tipple Brands Ltd, which owns the brand HappyDown, was launched in the UK last year. The brand, which is focused on craft alcohol, is looking to tap all the major metros of India and will be targeting the millennial.
"Indian consumers are experimental and there are different set of consumers who don't mind paying a premium for any good product. The mindset is we will consume less but will consume better," Tipple Brands co-founder Paritosh Bhandari told PTI.
The company aims to compete with craft brewers like Bira 91 and White Rhino in India and is in talks with distributors. It is also assessing the market to decide whether to get into home production or import from the UK.
Bhandari said the five-year plan is to make HappyDown a global craft alcohol brand as the next target would be countries like the US, China and Germany. Craft beer industry has seen a huge traction in the last few years led by youngsters in urban areas with about 100 brew pubs opening in major metros across India.
"The funds we will raise will largely be used for the launch and distribution of the brand in India and we have been in talks with various investors for further investment,"Bhandari said. At present, the drinks come in three flavour combinations with about 4 per cent alcohol content and Bhandari said the company will also enter into newer product categories soon.