USL acquires 26% in start up firm Hip Bar for Rs27 crore

United Spirits Limited has acquired 26% stake in Hip Bar Private Limited, a payment technology start-up for Rs27 crore, underpinning its focus on e-commerce to drive sales.

HipBar allows consumers to select from a range of alcoholic beverages and make payment using the mobile wallet to have the product either delivered at their doorstep in places where it permitted or pick it up from a retail store. “This investment allows us to discover ideas that anticipate shifts in consumer behavior and enables us to remain at the forefront of trends,” said Anand Kripalu, Managing Director at Diageo India.

Founded in 2015, currently, HipBar operates in Bengaluru and Chennai and will continue to run as an independent enterprise driven by its founding team, the company said.

With the physical retail space in India’s liquor market shrinking, United Spirits, the country’s largest alcoholic beverages maker, said last month, it is seeking to harness e-commerce to reach out to customers. HipBar works closely with the beverage alcohol industry and the government to custom build software and deploys technology projects in a compliant manner.

Source:-https://retail.economictimes.indiatimes.com/news/food-entertainment/grocery/usl-acquires-26-in-start-up-firm-hip-bar-for-rs27-crore/64734833

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