The Brew Estate looking to raise USD 10 mn for expansion, to open 30 outlets by 2022

NEW DELHI, Nov 12: Brew pub chain The Brew Estate is looking to raise USD 10 million to finance its expansion and is targeting to open 30 outlets by 2022 across the country, according to a top company official.
The company, which opened its first outlet in Chandigarh in 2016, currently operates seven outlets in Punjab, Haryana and Himachal Pradesh.
“The company is on an aggressive expansion drive to launch 30 outlets by 2022 across India, with major focus on non-metro cities with maximum headroom for growth,” The Brew Estate founder and Managing Director Arundeep Singla told PTI.
He further said, “We are now seeking USD 10 million (about Rs 71 crore) funding through venture and debt route to finance this expansion.”
Singla, who had also launched Rock & Storm Distilleries in 2014 with a portfolio of whisky and vodka brands, said the latest round of “funding will be used exclusively by The Brew Estate”.
The first seven outlets are self funded, he added.
Singla said “investments to the tune of USD 5 million have already been made since 2015 till now to drive expansion and meet demand for craft beer flavours and differentiated drinking experiences”.
Asked how much stake is the promoter willing to divest for the proposed fund raising, he said up to “20-25 per cent once the investor is on board”.
When asked about revenue of the chain, he said it will be clocking around USD 5-6 million for the fiscal ending March 2020.
Apart from India, the beer chain is also looking to expand to Canada and parts of Europe. (PTI)