Chandigarh-based beverage brand Lahori, best known for its cumin-flavoured fizzy drink Lahori Zeera, has raised ₹200 crore in primary funding from Motilal Oswal Wealth, propelling its valuation to a whopping ₹2,800 crore—a threefold jump from ₹900 crore in 2022.
According to regulatory filings, the deal gives Motilal Oswal a 7% stake in Lahori, with founders and early investor Verlinvest expected to partially offload shares in the round. The latest capital infusion will be used to ramp up production capacity, taking Lahori’s output from 5 million to 8 million bottles per day.
Founded in 2017 by cousins Saurabh Munjal, Saurabh Bhutna, and Nikhil Doda, Lahori has become a formidable homegrown player in India’s fast-evolving carbonated drinks segment. The company clocked ₹312 crore in operating revenue in FY24—a 47% surge—and its net profit tripled to ₹22 crore. Industry estimates suggest it crossed ₹500 crore in revenue in FY25.
With production facilities in Punjab and Gujarat and a new plant underway in Uttar Pradesh, Lahori is expanding its offline and quick commerce reach. Over 95% of its sales still come from traditional retail channels, though it’s now experimenting with newer platforms.
This funding comes at a pivotal time, as India’s ₹67,000 crore non-alcoholic beverage market is expected to grow to ₹1.5 lakh crore by 2030. The sector is heating up, with Coca-Cola, PepsiCo, and new challenger Campa (now owned by Reliance Industries) fiercely competing for shelf space.