VC Fund Investments
Energy drinks seller Rio Innobev raises Rs.10-Cr led by Atomic Capital
Pune-based beverage maker Rio Innobev has raised its first institutional fundraising of INR 10 crore in a pre-Series A funding round led by Atomic Capital with participation from other investors.The fresh funds will be used for distribution expansion, brand building, product innovation, and manufacturing upgrades.Co-founded in 2014 by Rahul Sangoi, Rajiv Sangoi and Rohan Sangoi, Rio Innobev’s product Rio Bubbly Fruit Drink (BFD) offers exotic fruit flavours with 15% juice content, fortified with honey and Vitamin C. Another product, Rio Boom Energy Drink, caters to young, aspirational consumers.The startup has presence in over 35,000 retail stores across more than 25 cities in Maharashtra and Gujarat, and aims to scale to 1,00,000 outlets over the next three years.
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