Rio Innobev secures Rs 10 crore in pre-series A round

Mumbai, Apr 15 (PTI) Pune-based beverage startup Rio Innobev on Tuesday said it has secured Rs 10 crore in a pre-series A funding round led by Atomic Capital and other marquee investors.

The fresh funds will be channelled into four growth pillars, which include distribution expansion, brand building, product innovation, and manufacturing upgrades, the company said.

The company aims to expand its portfolio across indulgence, health, and functional beverage segments, catering to evolving consumer preferences.

The first institutional funding for its fruit and energy drink platform comes as the company prepares for a nationwide expansion and product innovation and aims to become a Rs 500 crore brand in the next four years, Rio Innobev said.

The company currently has a presence in over 35,000 retail stores across over 25 cities in Maharashtra and Gujarat.

The aim in the next three years is to scale up to 1,00,000 outlets while deepening its omnichannel presence through quick commerce platforms and modern trade networks, it stated.

"This fundraise marks more than just capital. With this backing, we are doubling down on what we do best, expanding our footprint aggressively, innovating with speed, and delivering products that excite and energize, " said Rahul Sangoi, Co-founder and CEO of Rio Innobev..

Founded in 2014, Rio Innobev claims to have remained EBITDA positive, growing from 7.5 lakh units in its first year to over 15 million cans and bottles sold annually.

Rio Innobev, which has its manufacturing facility in Pune, had two flagship products, RIO Bubbly Fruit Drink and RIO BOOM Energy Drink, in the market. PTI IAS DR