Indian beer brand Medusa Beverages on Friday said it has raised Rs 56 crore ($6.5 million) in its Series A funding round, tapping into a market where varying state-level regulations have kept global alcohol giants on their toes.
The round was led by investors Amal N Parikh and Ashwin Kedia and co-invested by Ramesh Damani, Nikhil Garg, Crest Opportunities, and high-net-worth individuals (HNIs) based in Singapore, the UK, and the UAE.
The funding announcement comes at a time when India’s alco-bev sector faces mounting regulatory challenges. Just days ago, Heineken’s Indian unit, United Breweries, temporarily halted beer supplies to Telangana over pricing disputes and unpaid dues owed by the state government, before eventually resuming operations.
According to a recent report by Reuters, major global players Diageo, Pernod Ricard, AB InBev, and Carlsberg are collectively demanding $466 million in unpaid dues, reflecting the increasingly complex business environment.