The pre-Series A round at Jimmy’s Cocktails, owned and run by Radiohead Brands, has been increased to $3 million. Paytm founder Vijay Shekhar Sharma, Neel Bahl, current investors Keki Mistry, Vishesh Khurana, 7Square Ventures, Vidur Talwar, and Anirudh Somani also took part in the round, which was led by Prath Ventures.
In an investment round led by Roots Ventures in April of last year, the company had previously raised Rs 14 crore ($1.8 million).
Jimmy’s was co-founded in 2019 by Ankur Bhatia and Nitin Bhardwaj. Since introducing “Hustle” to enter the energy drink market, Jimmy’s has expanded its menu beyond cocktails and sparking mixers. The four-year-old company with headquarters in Gurugram claims that its valuation increased 20X over the previous three years and 3X over the previous year since it began operations.
The holding company for Radiohead wants to build a company with a 10-year revenue run-rate of $1 billion by reaching a revenue run-rate of $100 billion this year. According to the business, its revenue increased by more than 75% in FY23. Jimmy’s is now sold at more than 20,000 stores, wineries, and upscale bars across more than 50 cities, in addition to all major e-commerce sites.
The company also runs a direct-to-consumer (D2C) delivery service from DrinkJimmys.com to more than 400 Indian cities.
