Owned by Gurgaon-based BTB Marketing Pvt Ltd, a chain of beer bars under the brand “The Beer Cafe” has raised an undisclosed funding from Singapore-based RB Investments.
The company’s first funding round was worth US$4.57 million from venture capital firm Mayfield Fund.
Previously, BTB has also raised Rs 30 crore (about US$6.16 million) from Granite Hill Capital, Mayfield Fund, and Harsh Charandas Mariwala, the chairman and non-executive director of Marico Ltd in December 2014.
For the past year, The Beer Cafe was reportedly planning to raise US$40 million private equity funding and had appointed Avendus Capital to help in fundraising.
However, the company later scrapped the plan and raised around Rs 4 crore (about US$620K) debt funding from its existing investor Mayfield Capital, as per the company’s documents with ROC.
The Beer Cafe began its operations in 2007 and currently operates 34 beer bar outlets across 10 cities in India, including Mumbai, New Delhi, Chandigarh, Bangalore, Amritsar, Gurgaon, Ludhiana, Mohali, Thane West, and Pune.
The startup serves around 50 types of beer and aims to become the most profitable alco-beverage service brand in the country.
On the other hand, RB Investments is owned by Rajesh Bothra who runs an IT distribution company Kobian Pte Ltd. It has recently backed startups like personal assistance app Tapzo, fashion app Voonik, online travel marketplace TravelTriangle, and digital payments startup InstantPay.
Its Indian portfolio also includes food-tech start-up Swiggy, tech-enabled hotel chain FabHotels.com, online jewelry retailer Bluestone, online Indian food retailer Delight Foods, and online furniture startup CapriCoast.
By Vivian Foo, VCNewsNetwork