IndoBevs in talks with multiple bankers for Rs 150 crore fund raise

New Delhi: Homegrown spirits maker IndoBevs is in talks with multiple bankers to raise Rs 150 crore in debt to support manufacturing capacity and distribution expansion as competition in the alcobev sector escalates, executives aware of the developments said. The maker of BroCode and WingMan spirits is said to be in talks with Axis Bank, SBI, HDFC, Kotak and PNB for the fund raise. “The infusion of the funding will be aimed at deepening presence across domestic and international markets where BroCode is gaining traction,” one of the executives said.

The company announced last week that its profit after tax (PAT) grew 32% to Rs 12 crore in FY26, with 32% year-on-year increase in total income to Rs 489 crore. IndoBevs founder Sam Mahandru declined to comment on the likely fundraise.

“In FY’26, exports grew fivefold, and more than half our India volumes now come from beyond our four biggest states,” Mahandru, who founded IndoBevs in 2007, said. “IndoBevs’ next phase will be centred on scale with innovation. We will continue to focus on expanding the brand portfolio, strengthening presence across domestic markets and building the international business,” he added.


According to a company statement, IndoBevs has manufacturing networks across Goa, Maharashtra, and Karnataka, and greenfield malt distillery is under construction in Uttar Pradesh.

The International Spirits & Wines Association of India (ISWAI) said in a report last month that premiumisation has emerged as a key growth engine for India’s alcohol beverages sector, having grown at a 10.2% CAGR between 2022 and 2025, compared with 1.4% for regular products. Sanjit Padhi, chief executive officer, ISWAI, noted in the report that the next opportunity for the sector is to drive premiumisation, strengthen value chains and build globally competitive Indian businesses.

However, the report cautioned that the industry operates within a fragmented regulatory environment, state-level variations in taxation, licensing, pricing controls and extensive compliance requirements.

According to the report, structural challenges will be important to unlocking the industry’s full economic potential.