Beverage brand Lahori raises Rs 200 crore from Motilal Oswal wealth, valuation jumps three-fold to Rs 2,800 crore
Chandigarh-based Lahori has raised Rs 200 crore from Motilal Oswal Wealth, valuing the beverage maker at Rs 2,800 crore—a threefold rise since 2022. Known for its cumin-flavoured drink Zeera, Lahori plans to expand production as revenues grow, with the wider carbonated drinks market heating up in India.
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Chandigarh-based beverage maker Lahori, known for its carbonated non-alcoholic drinks in local flavours, has secured Rs 200 crore in primary funding from Motilal Oswal wealth , according to regulatory filings.The investment values Lahori at Rs 2,800 crore, marking a threefold increase from its previous valuation of Rs 900 crore in 2022. ET was the first to report on October 2024 that Lahori was closing a Rs 400 crore funding in a mix of primary and secondary sale of shares from the likes of Motilal Oswal The current round will see founders and existing investor Verlinvest may partially offload their stake, sources said. As per filings with the Registrar of Companies, Motilal Oswal Wealth will acquire a 7% stake in Lahori for its primary investment.The surge in Lahori's valuation has come on the back of rapid growth in its business. During fiscal 2024, the company reported Rs 312 crore in operating revenue, a 47% increase, while its net profit tripled to Rs 22 crore. In fiscal 2025, it is estimated to have crossed the Rs 500 crore revenue mark.Founded in 2017 by three cousins – Saurabh Munjal, Saurabh Bhutna, and Nikhil Doda – who together hold a 78.8% stake, Lahori's flagship product, Lahori Zeera , a cumin-flavoured carbonated drink, remains popular in the offline market. The company also sells lemon-based drinks such as shikanji, popular in northern India.Lahori plans to use the fresh capital to expand its manufacturing capacity from 5 million to 8 million bottles per day. The company currently operates two manufacturing plants in Punjab and Gujarat and is working to establish a new facility in Uttar Pradesh.The company, which derives more than 95% of its revenues from offline channels, recently started selling on quick commerce platforms.According to the Indian Beverage Association , the non-alcoholic beverages segment – comprising carbonated soft drinks, water, juice, and sports drinks – in India is expected to expand to Rs 1.5 lakh crore by 2030 from about Rs 67,000 crore at present.The carbonated beverages market, led by Coca Cola and PepsiCo, is also seeing disruption with the entry of Reliance Industries-owned beverages brand Campa. Both Coca Cola and PepsiCo have introduced smaller packs priced at Rs 10 to compete with Campa.
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