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NEW DELHI : Third Eye Distillery Holdings, the makers of Indian gin Stranger & Sons, has acquired a controlling stake in craft tonics and mixers brand Svami, owned by Foxtrot Beverages Private Limited. Third Eye co-founder Vidur Gupta said the acquisition has been done at a valuation of ₹100 crore and the company has taken 51% stake in the firm.
Founded by Rahul Mehra, Sakshi Saigal and Vidur Gupta in Goa in 2018, Third Eye has expanded to major metros across Maharashtra, Delhi, Karnataka, Pondicherry and Rajasthan as more Indians, especially millennials, take to drinking gin. Internationally, Stranger & Sons has a global footprint in the UK, Singapore, Thailand, Taiwan, Mauritius, New Zealand, Italy, the US and UAE.
Third Eye Distillery is an equity funded company and the Svami acquisition is being funded from its existing capital within the business which has been earmarked for strategic opportunities.
“Our vision was always to be a premium house of brands that has come out of India, something like a Diageo or a Pernod Ricard. We have decided we want to be in the non-alcoholic segment and also to bring plantation rum into India. The non-alcoholic adult beverage market space was exciting for us and Svami was the market leader,” he said.
Aneesh Bhasin, co-founder of Svami said, “Eventually, Third Eye wants to be a house of brands and India so far has not had a ‘contemporary’ house of brands. We are excited that it is happening now.” The founders will continue to run the company but the investment will help drive the business objectives. Set up in 2015, Svami products are available in general trade in major metros and cities. In modern trade they are present at Nature’s basket, Food Hall and 24×7, among others. The company also exports to Hong Kong, Singapore, Maldives and Mauritius. Last year, LVMH-owned Moët Hennessy tied up with Svami to create limited-edition drink mixers.
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