Tilaknagar Industries to invest in spirits-based Ready-to-Drink Shots Brand, SWIGGER
Mumbai, October 31, 2022: Tilaknagar Industries Limited one of the leading Indian-Made Foreign Liquor (IMFL) manufacturers, today announced an investment of Rs 1 crore for a 19.50 per cent equity stake in Pune-based start-up, Incredible Spirits Private Limited (“ISPL”).
Founded in 2020 by former alco-bev industry professionals Arun Raina and Pranav Teredesai, ISPL plans to develop innovative products in the Ready-to-Drink (RTD) Alcoholic Shots space under the brand name SWIGGER. The brand’s unique offerings will come in 60 ml shot glasses with a pull rip cap closure, ensuring a safe and unadulterated experience for consumers. The shots will be developed using a range of mother-spirits including Gin and Vodka, blended with natural, organic flavours. The launch which is expected in early 2023 will field the products initially in Goa with more regions to be added shortly thereafter.
Commenting on the investment, Mr Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries said, “Modern-day consumers are looking for a premium, convenient and an enjoyable drinking experience which is providing a fillip to liquor-based RTD beverages. The founders of ISPL, Arun and Pranav, foresee a huge potential for this product category and we would like to play a part in bringing their innovative idea to fruition.”
This move will offer TI an opportunity to participate in the fast-growing RTD space which is burgeoning on the back of an evolving, highly favourable social and demographic milieu.
“Given the ever-increasing trend of a cocktail culture, there remains a constant need for creating exciting, yet safer ways to indulge,” Mr Dahanukar added.
Mr Ameya Deshpande, President – Strategy and Corporate Development, Tilaknagar Industries said, “Evolving consumer demands in the alco-bev industry are paving the way for new, innovative and fun products. Brand SWIGGER with an unremitting focus on blend quality, inclusion, safety and convenience will be a game-changer. We are extremely excited to partner with ISPL to build this category. The product will provide a great avenue for people to have an enjoyable experience, one SWIGGER at a time.”
According to the IWSR May 2022 report, the RTD market in India is a 3 million cases category in 2021, and is expected to grow at more than 9 per cent annually over the next 5 years, reaching 4.5 million cases in 2026.
The equity investment for this deal will be made from TI’s internal resources immediately on signing of definitive agreements. TI is co-investing with Manpreet Uppal, an industry veteran with interests in alco-bev distribution and hospitality in Maharashtra; wherein he will also invest Rs 1 crore in ISPL on the same terms as TI.
Tilaknagar Industries is the country’s largest selling premium brandy manufacturer and its flagship brand Mansion House is the country’s highest selling premium brandy.