Medusa Beverages Aims for ₹1,200 Crore Revenue by 2029 with Expansion Plans.

Delhi-based beer company Medusa Beverages is aiming for ₹1,200 crore in revenue by 2029, with plans to achieve ₹180 crore in FY25, according to founder and CEO Avneet Singh.

In FY23, the company posted a gross revenue of ₹50.4 crore, which grew to ₹132 crore in FY24. Singh expects further growth this fiscal, targeting ₹180 crore in revenue. Medusa has raised $1.5 million (approximately ₹13 crore) for market expansion and plans to raise another $15 million (₹120 crore) in the next year. Singh also highlighted that the company became EBITDA positive this year.

Founded in 2017 and operational since 2018, Medusa’s product range includes Medusa Air (4.5% ABV), Original Medusa Beer (5.9% ABV), and the recently launched House of Dragons Fire edition, created in collaboration with Warner Bros. Discovery Global Consumer Products.

Medusa’s beers are currently sold across seven states, including Delhi, Punjab, Himachal Pradesh, Chandigarh, Uttar Pradesh, Uttarakhand, and Chhattisgarh. The company plans to expand into three additional markets—Haryana, Assam, and Andhra Pradesh—aiming for a pan-India presence over the next five years. Singh noted that Andhra Pradesh will serve as the gateway to the South, with further expansion planned into the Northeast, including Assam, Arunachal Pradesh, and Meghalaya.

Currently, 55% of Medusa's business comes from Delhi, with significant contributions from Uttar Pradesh (15%), Punjab (12%), and Chhattisgarh (10%). The company is also present in 400 Horeca accounts, primarily in Delhi and Punjab.

In the upcoming financial year, Medusa plans to introduce kegs, targeting a 25% market share in Delhi in year one and further expansion to other states. The company is also exploring international markets such as Dubai and the UK. Singh mentioned that Medusa currently holds a 7% share of the total beer market in Delhi, with a 17% share in mild beer and 20-22% in strong beer cans. The company aims for a 4-5% pan-India market share by 2030.

Medusa’s current production capacity of 2 lakh hectolitres per annum will be doubled next year. While the company currently relies on contract manufacturing, it plans to establish its own manufacturing facility within the next two years.

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