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White Owl Brewery lands Rs 40 crore in second round

Bengaluru: White Owl Brewery that sells the eponymous beer brand has raised ₹40 crore in its second round of funding led by existing investors IIFL India Private Equity Fund as it expands geographic footprint to cash in on the rising popularity of craft beer.

The funds will be used to widen its product portfolio and newer formats. The six year old startup has raised ₹70 crore so far and the latest equity financing round is believed to have valued the firm at a little over ₹200 crore, sources briefed on the matter said

The latest deal underscoring investors’ appetite in new age beer companies despite the Indian market largely dominated by three large multinationals — Heineken, AB InBev and Carlsberg.

“The fund will be used to launch a strong craft beer, a new format, under the brand name Spike. It is a strong German Hefeweizen which will be rolled out in a week’s time in Mumbai and Pune followed by Bengaluru, Goa and Delhi,” founder Javed Murad said.