Bro Code maker IndoBevs aims to double revenue to ₹700 cr in two years on new liqueur, upcoming whiskies

Bonga Bonga marks the company’s latest bet in India’s competitive alcoholic beverages market, where it will take on established premium brands.

“This is a distinctly Indian product, a neutral spirit made with about 40 herbs and botanicals,” said Geetika Mahandru, president of IndoBevs, in an exclusive meeting with Mint. “It is a crafted and complex 100% natural liqueur… [and offers] a unique proposition for younger consumers in a not-seen-before bottle packaging.”

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IndoBevs, founded in 2007 as IndoSpirit for liquor distribution, transitioned into manufacturing and marketing its own brands nearly a decade later. It reported a net revenue of ₹330 crore in FY24 and expects to reach ₹400 crore in FY25, with a target of ₹700 crore by FY26, she said.

Its portfolio now comprises 15 in-house brands spanning coolers, premium whiskies and liqueurs. The flagship cooler drink, Bro Code, which has various carbonated wine variants, has a strong presence in markets like Uttar Pradesh and is available across 27 states, she said. It is exported to the UAE and interest is coming from other markets as well, according to Mahandru.

Bonga Bonga, using a hookah apparatus, can be infused into a spirit before consuming. “This unique proposition is a first in the world and is attracting attention from consumers across the globe.”

The company will support its expansion with manufacturing facilities in Goa, Maharashtra and Karnataka, and has acquired industrial land in Uttar Pradesh and Karnataka to develop additional greenfield projects.

In the premium whisky segment, IndoBevs imports Enso, a Japanese whisky bottled locally and priced at ₹2,500 in Haryana, and offers Eden, a blended malt whisky retailing at ₹1,200 in the same state. The company is preparing to launch Wingman, a premium blended malt whisky priced at ₹800, with a scheduled launch in March 2025.

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“Whisky is the largest selling category in India with a clear premiumization trend. The bulk of our Japanese whisky, Enso, comes from Japan and is bottled locally in India—we are the only company doing so,” Mahandru added.

India is expected to become a 300-million-case market by 2028, growing at an annualized rate of 3.5%, according to drinks consultancy IWSR. “The Indian market is no longer just following global trends—we are setting them with new innovative products,” Mahandru said. “We see this as a huge opportunity to disrupt the alcohol business. That’s why we are creating drinks that resonate with modern and younger consumers.”

IndoBevs will also launch a non-alcoholic energy drink under the Bro Code label, Mahandru said.

Beyond its proprietary brands, IndoBevs has served as the bottling partner for Suntory India since 2019 and is the sole importer and distributor for international brands including Remy Martin, Glengarry Scotch whisky, Buen Amigo tequila and Zubrowka vodka.

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The company sells about 1.6 million cases a year across verticals and will target 2.5 million cases by FY27. IndoBevs will raise debt to fund its working capital, Mahandru added.