Tilaknagar Industries, the India-based distiller, has acquired a minority stake in local RTD shot maker Incredible Spirits.
Publicly-listed Tilaknagar said it had bought a 19.5% shareholding in what it described as a “new-age alcohol beverage company … working on developing unique and disruptive alcohol products for the Indian market”.
In a stock-exchange filing, Tilaknagar said it had agreed to pay INR10m (US$121,000) for the shares in Incredible Spirits, which is developing shots to be sold under the brand name Swigger.
Incredible Spirits, based in Pune, is a start-up with, as yet, no turnover, Tilaknagar said.
“With this investment, [Tilaknagar] plans to inorganically have a presence in a new vertical of convenience-based, disruptive alcobev products,” the filing read.
“The founders of ISPL come with a rich experience in the alcobev sector; having worked for Fosters India and Carlsberg India.”
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Incredible Spirits was set up in late 2020 by Arun Raina and Pranav Teredesai.
In Tilaknagar’s most recent financial year, which ran to 31 March, the company’s revenue from operations stood at INR17.92bn (US$216.8m), with a net profit after tax of INR290.7m.
The previous year saw revenue at the Mansion House brandy maker reached INR14.18bn, while it booked a net loss of INR287.9m.