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2012-11-19

Alcohol beverage start-up gets multiple backing

Private equity player Ajay Relan, Shrinivas Dempo, the chairman of Dempo Group, and Sanjeev Bikhchandani will together be backing the Indian alcoholic beverage start-up Agave India producing branded agave spirits.

Private equity player Ajay Relan, Shrinivas Dempo, the chairman of Dempo Group, and Sanjeev Bikhchandani will together be backing the Indian alcoholic beverage start-up Agave India producing branded agave spirits.

Started by an IITian Desmond Nazareth, a US returned software developer, had cultivated agave in the Deccan region eventually setting up a micro distillery at Chittor in Andhra Pradesh. Agave India's products under DesmondJi brand has recently forayed in larger Indian cities. It is already available in Goa, Pondicherry and Daman since year.

The portfolio includes indigenously made agave spirits, orange liqueur made of Nagpur oranges and blended Margarita priced between Rs 1,000 to Rs 1,700 per quart in Mumbai.

Investors like Dempo, Relan and Bikchandani have angel funded Agave India in their personal capacities.

Among the investors, Shrinivas Dempo has business interests in shipping, mining, foods and media while Relan spearheads $550 million CX Partners. Bikchandani is the founder of Info Edge, parent company of Internet firms like job search engine Naukri.com.

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