Pune Sept 2022: Ronin Wines, the makers of India’s first meads, Moonshine, today announced that it has raised ~ 2 Million USD as part of their Pre Series A, to further boost its growth trajectory in the country and beyond. This financing round was led by Anthill Capital and saw participation from Auxano Capital, Supermorpheus and Merisis, as well as existing and new angel investors. Value Bridge Capital was the sole advisor for this transaction.
Mead is the oldest alcohol in the World and made by fermenting honey with various fruits and spices. With the influx of new capital, Ronin Wines aims to deepen Moonshine’s presence in its present markets (Maharashtra, Karnataka, Goa, Uttar Pradesh, Himachal Pradesh, Rajasthan, Assam and Silvassa) and enter new markets like Haryana and West Bengal. The idea is to establish Moonshine firmly as a national brand over the next three years. The said investment will also aid the company in commencing work on export markets.
Rohan Rehani – Co-founder – Ronin Wines, said, “With Moonshine, we are trying to plug the flavour gap for consumers as they transition from juices and colas to beers and spirits. A consumer’s journey into alcohol doesn’t have to start with an ‘acquired taste’. This fits well with the expectations of the younger India who are looking for more flavourful beverages.
Further, after winning at IWSC (International Wine and Spirits Competition, UK), we have been steadily garnering interest from importers in various geographies. And now, this fund raise will enable us to unlock opportunities not only at the national but also at the international level.”
Nitin Vishwas – Co-founder – Ronin Wines, We are very excited to have our first set of institutional investors. Anthill Capital in particular already has a strong alco-bev portfolio and a very keen understanding of the alco-bev space in India and we are eager to gain from their learnings with other alco-bev startups.
While meads might be a separate category legally, Ronin Wines makes meads which are predominantly low alcohol and carbonated, often with a hint of nostalgia which has often found them competing with beers and RTD’s.
Nitin further adds, “this switch in consumer preferences is happening because our meads are designed for the Indian palate – flavourful and not bitter, and so unlike beer, our meads don’t have to be an acquired taste”
Since most meads in India are low ABV and carbonated, they are often found competing with the premium beer and RTD segments, a market which was USD ~5 billion in 2020 and expected to double over the next 5 years. Further, as the country continues to shift towards more flavourful options, Ronin Wines hopes that its focus on using 100% natural ingredients to craft flavourful drinks will help it differentiate and dominate this new emerging category of alcoholic beverages in the Indian market.
“Meads are an exciting, fast-growing Alco-Bev category. Ronin has created an eclectic mead brand that’s already seeing excellent market traction from discerning consumers looking for new tastes and flavours. Anthill Ventures is delighted to be an anchor partner in Ronin’s journey, “said Prasad Vanga, Partner Anthill Ventures.
Karan Gupta, Associate – Auxano Capital said, “Alco-bev is a large & growing sector with white spaces. Mead as a beverage is new to the India markets and Nitin & Rohan are passionately driving the product -market fit. The flavour assortment and brand positioning is fueling the growth of the company and as we foresee, it shall continue to be the pillars for accelerating adoption. We are looking forward to Moonshine becoming a global brand, differentiated from its competitors by its unique natural flavors – the USP – created using indigenous fruits & spices”