Ep #18 | WTF, Alcohol is a $70B Business in India? | Nikhil Kamath explores Gaps & Opportunities

India has had a long, colourful, and mixed history with Liquor over the centuries, with ancient fermented drinks and traditional liquors like feni and toddy. India today, holds the third-largest market for alcoholic beverages globally, which is remarkable given the challenging business environment of red tape-ism, varying excise duties across states and much more.
In episode #18 of “WTF is” Podcast, we have Founders of different sectors in the Liquor Industry of India. Abhishek Khaitan, MD of Radico Khaitan, One of the oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL) in India; Minakshi Singh, Co-founder of SideCar, India’s only entry in the top 100 of the World’s Best Bars; Shuchir Suri, Co founder of Gin Explorer’s Club, India’s biggest gin festival with a footfall of over 100,000 people per edition; and Suraj Shenai, Founder of Goa Brewing Co, crafting ‘non-conformist, modern’ beers that challenge the traditional dominance of German and Belgian flavours.

If Euphemism for patriotism is outrightly sold to people, across the world in different pockets, can the same brand-building tactics work for Indian Products too?

For additional insight into this industry, here’s a link to explore some of the resources provided by the guests of this episode

#NikhilKamath Co-founder of Zerodha, True Beacon and Gruhas
Host #wtfiswithnikhilkamath #wtfispodcast

#AbhishekKhaitan MD of Radico Khaitan

#MinakshiSingh Founder of SideCar, Cocktails & Dreams

#ShuchirSuri Founder of Jade Forest, Anthem, Gin Explorers Club

#SurajShenai Founder of Goa Brewing Company

00:00:00 - Intro
00:01:30 - Minakshi’s Intro: Part Time Job turned Full time Passion
00:06:00 - Change of course: Bartender turned Marketer
00:08:08 - Big break: Joining World’s biggest Liquor companies
00:08:40 - Building her own bar - Cocktails & Dreams
00:11:53 - Elements of a bar experience | SideCar #1 Bar in India
00:14:32 - Suraj’s Intro: Growing up in Goa
00:16:38 - Learning the ropes | Understanding India’s drinking culture
00:20:00 - Story of the beginning of Goa Brewing Co
00:21:40 - What is Indian Pale Ale? | Hops
00:25:20 - Obsession to start something new | Premiumising Quality
00:32:38 - Shuchir’s Intro: Love for Hosting Events
00:34:00 - Starting a company at 18: Early success to Downfall
00:37:00 - Joining a company | Understanding how companies work
00:38:35 - Starting the Gin Explorers Club, Food Talk India, Anthem, Jade Forest
00:42:10 - Abhishek’s Intro | Innate Passion for Liquor
00:45:10 - Joining Family Business | Overcoming Failures, Observing Trends
00:54:00 - Promoting Indian Craftsmanship Globally
00:58:50 - Objective of this podcast
00:59:34 - Size of the Liquor Industry in India | Psychology of consumption
01:06:32 - Alcohol: Is it good/ bad for you?
01:09:15 - Market Share and Revenue in India
01:10:47 - Steps to Start a Liquor brand | Primary, Secondary, Tertiary Steps
01:26:00 - Opportunities in the Current Trends | Category, Product, Price
01:54:26 - Food Break
01:55:05 - Distribution | Hacks, Storytelling, Picking a Niche
02:12:20 - Marketing Budgets in different states in India
02:15:20 - Revenue Generation Tax in states through liquor
02:17:30 - Nikhil on Long term Investment in Liquor Companies In India
02:24:32 - Celebrity Led Liquor Brands: Do they work?
02:31:46 - Are Social Media Influencers effective in Advertising?
02:35:35 - Is it possible to discern between Good V/s Premium?
02:40:40 - Is Patriotism a good backstory for a product?
02:44:35 - Is Hangover equally proportionate to % of Alcohol?
02:50:05 - Potential of Pre-ready Beverages, Wine store, Online Delivery
03:00:40 - Indian Brands vs International Brands wrt Import Tax
03:02:55 - Registration of Liquor Brands | Excise Duty, Licenses, Challenges
03:10:57 - WTFund

Disclaimer:
Alcohol consumption is injurious to health. No participants in this video promote alcohol consumption and strongly discourage underage, binge, and careless drinking. All panelists in this show express their own personal views, which do not necessarily reflect the views of the producers or promoters. Please drink responsibly.

[anshtejani]

I don’t know if it’s just me but this felt like the most CHAOTIC episode in the WTF series. Everyone speaking at the same time happened a lot of times. Just an opinion. Love the content as always!

[Hunterr]

You should have brought inn vijay malya for this podcast 🤣

[rishabh]

No offense, but Meenakshi speaks over others to the extent that it becomes frustrating

[akshtjain]

Rajeev Samant from Sula would have been a great addition to the panel.

Great podcast!

[Shashikantreddy]

RADICO guy isn’t spilling much of his beans. 😊

[amitkulkarni]

I mean no offense, but Meenakshi tends to interrupt others so much that it becomes quite frustrating.

[hopenobodynoticesthis]

45:31 turnover of 70cr in 1996 is crazy for me to digest, every episode i feel one step down towards feeling the poverty and half a step up towards building a better life

[usha.ck]

Petition to have Agri tech entrepreneurs on the forum !! Wish Agri tech farming sector becomes this cool thing of the future in India ! Giving farmers & tech (food to flower to Agri trucking business) would be a great platform on your show, can start a massive Trend amongst the young and the older genz 🌾 🙌🏽🌺🇮🇳

[dylandost]

also bring Naval Ravikant sir humble request from your fan !!!

[ajeykumarj]

I’m beginning to understand the goal behind these interviews. Typically, one of the participants is from a company that Nikhil has invested in that is already listed or that is likely to be listed on the stock exchange in the future. The conversations cover both the industry and the company, providing valuable insights that we wouldn't normally obtain without extensive research. If the company looks promising based on these discussions, we might consider buying its stock. I have put Nazara and Radico on my watchlist now. 😃

[vbrjqfc]

Definitely the most Chaotic of all the episodes, but when you look closely it's not just Meenakshi. It was both Suchir Suri and Meenakshi with Abhishek at times.
Although all of them do have something to offer individually.🎉

[rishabhsethi]

Need a seperate podcast w just the Radico guy and Goa Brewing Company guy

[BharathKumarSampath]

I don’t know how Meenakshi socialized with customers given that she doesn’t let the other person speak

[pranaypradhan]

the editor making sure we know what they drinking is honestly hilarious 🤣🤣

[parivendhar]

a brewer, a bar owner, an event organiser and a distiller. awesome pick of speakers

[ithinkitworks]

I think this my 2nd most favorite episode after the VC episode. Shuchir and Suraj had a lot of good points to add but just stopped because they did not want to speak over anyone.

[anurag]

Love it when Nikhil says let's do 5 minutes of introduction each.. and after over 50 mins the introductions are done❤

[KushSachdeva]

Meenakshi is very insightful and full of ideas but why speak over others and ruin our experience? Too many times (for the first time) when I wanted to just shut it off.

[ritvikkhandelwal]

Petition for Raj sabha membership for Nikhil Kamath
We need more people like you where policies are made

[piyushgautam]

The guy who's making the most money, has the most experience, spoke the least and Meenakshi literally interrupted everyone.