India’s second biggest winery secures US$8m funding
India’s second biggest winery, Grover Zampa, has raised more than US$8 million funding from a Singapore-based investor.
The funding will be invested into the production of new wines, and revamping its wine tourism facilities at its home base in India’s southern Bangalore and Nashik in the northwest region of Maharashtra.
The fund will also be used to partner with other wineries to strengthen its portfolio, according to local news report.
Founded in 1988, Grover Vineyards merged with Vallee de Vin in 2012 to form Grover Zampa. Its annual production is around 200,000 cases, behind the country’s biggest wine producer, Sula Vineyards, which produces one million cases.
The investment is reported to be part of a bigger fund of US$17.5 million from Viswanathan, Quintela, and the AVT Group. Vishwanathan and Anil Ambani‘s Reliance Capital also have about 30% share in Sula Vineyards.
Vivek Chandramohan, CEO of Grover Zampa, said: “We plan to reach half a million cases in the next five years by reinforcing experiential marketing, increasing exports, and ensuring deeper penetration in existing markets.
“The company will also become more marketing-driven instead of sales-driven to connect with existing consumers as well as target millennials.”
India imported roughly 475,000 cases of wine in the 12 months to March 2017, and the country has over 300 wine importers.
Despite having 485 million people of the legal drinking age of 25 years and above, the country’s wine consumption is small, lagging behind whisky and other spirits categories.