By Mr. Abhay Ray 
Introduction
Chandigarh-based beverage startup Lahori—famous for its local-flavored, non-alcoholic carbonated drinks such as Lahori Jeera—has received a significant funding boost. The company has raised ₹200 crore from Motilal Oswal Wealth, according to its recent regulatory filings. This strategic investment will enable Lahori to scale operations, expand product offerings, and reach a wider consumer base.
Tripling Valuation in Two Years
The recent funding has propelled Lahori’s valuation to an impressive ₹2,800 crore, a nearly three-fold jump from its ₹900 crore valuation in 2022. This remarkable growth in valuation underscores the company’s rapid business expansion and growing consumer acceptance.
As per reports, this investment is a part of a larger funding round that could total up to ₹400 crore through both primary and secondary sales. Industry sources suggest that existing investors like Verlinvest, along with the founders, may offload part of their stakes in this round. Motilal Oswal Wealth is expected to acquire a 7% stake in Lahori through this primary investment.
Strong Financial Growth
The company’s strong financials have played a crucial role in attracting investor interest. For the financial year 2023–24, Lahori reported revenue of ₹312 crore, marking a 47% increase over the previous year. Additionally, the company’s net profit tripled to ₹22 crore during the same period, signaling both operational efficiency and growing market demand.
Projections for FY 2024–25 are equally optimistic, with expectations that the company will surpass ₹500 crore in revenue, further solidifying its position in the competitive Indian beverage market.
Founded by Family, Backed by Ambition
Lahori was founded in 2017 by three cousins—Saurabh Munjal, Saurabh Bhutna, and Nikhil Doda. Collectively, they still own 78.8% of the company. What began as a passion project has grown into a formidable player in the Indian beverage industry.
Their flagship product, Lahori Jeera, is a cumin-flavored carbonated drink that quickly found favor in offline markets, particularly in North India. In addition to Jeera, Lahori also offers traditional lemon-based drinks such as Shikanji, a highly popular beverage in northern parts of the country.
Manufacturing Expansion Plans
A substantial portion of the new funding will be directed towards scaling up manufacturing capacity. Currently, Lahori operates two manufacturing plants—one in Punjab and another in Gujarat—with a daily production capacity of 5 million bottles. The company aims to increase this to 8 million bottles per day in the near future.
Additionally, Lahori is planning to set up a third manufacturing facility in Uttar Pradesh, which will help it cater more efficiently to the high-demand northern belt of the country.
Competing with Global Giants
The Indian carbonated beverage market is traditionally dominated by international giants like Coca-Cola and PepsiCo. However, the entry of Reliance Industries with its revived Campa brand has disrupted the status quo. To counter Campa’s competitive pricing, both Coca-Cola and PepsiCo have introduced ₹10 value packs to appeal to price-sensitive consumers.
Despite such fierce competition, Lahori has managed to carve a niche for itself by focusing on regional flavors and affordable pricing, offering a unique proposition that blends nostalgia with modern convenience. The company’s emphasis on local tastes has helped it build a strong connect with its target audience, particularly in Tier 2 and Tier 3 cities.
The Road Ahead
With fresh capital, an expanding manufacturing footprint, and an increasingly popular product line, Lahori is poised for exponential growth. The company’s founders plan to continue innovating in the Indian beverage space, leveraging both traditional Indian recipes and modern branding techniques.
As the Indian beverage market continues to evolve—with increasing demand for localized, health-conscious, and affordable options—Lahori’s positioning appears more relevant than ever. The company’s successful fundraise and rapid valuation growth signal a broader shift in consumer preferences toward homegrown brands that resonate with Indian palates.
With strategic investor backing and a clear vision, Lahori is not just taking on established global players—it’s redefining what the next generation of Indian beverages can look like.
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