The Goa Brewing Company, a North Goa-based craft beer brand, saw its revenue grow more than double in FY24, reaching Rs 15 crore from Rs 6.61 crore in FY23. However, net loss widened to Rs 3.03 crore in FY24 from Rs 2.94 crore in FY23, reflecting a 3% increase.
Founded in 2016, The Goa Brewing Company is on a mission to establish itself as India’s leading craft beer brand, offering premium-quality brews to urban millennials at reasonable price points. The company operates through a taproom, online store, and a network of bars and restaurants in Goa.
Expenses grew 80% in FY24, rising to Rs 19 crore from Rs 10.50 crore in FY23, driven by increased production and marketing efforts. Employee benefit costs increased to 11.65% of total expenses in FY24 from 8% in FY23. Advertisement costs were 6% in FY24, reflecting investments in brand visibility.
The cost of materials rose significantly to 34.5% in FY24 from 28.38% in FY23.Depreciation expenses declined to 1.7% of total expenses in FY24 from 3.87% in FY23. Other expenses accounted for 43.5% of total spending in FY24.
EBITDA margin improved from -51.61% in FY23 to -25.11% in FY24, indicating better cost efficiency. However, Return on Capital Employed (ROCE) declined sharply to -87.72% in FY24 from -54.40% in FY23.
The Goa Brewing Company is founded by Suraj Shenai, who holds a 32.76% stake. Other stakeholders include ESOP (6.63%) and SWIP Holdings Ltd (2.41%).
The company has raised a total of Rs 24.48 crore across four funding rounds, with its latest pre-Series A round completed in June 2024.