Maka di is a Goa-based Indian craft beer brand made by Latambarcem Brewers (LB Brewers), which also makes the Borecha kombucha brand.

This Startup Deep Dive explains what Maka di does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Maka di in Brief

• What it is: Maka di is an Indian Craft beer / alcobev company based in Goa.
• Who it serves: online shoppers, retail customers, marketplaces and distribution partners.
• Maka di is a bottled craft beer brand; the name is Konkani for 'give me'.
• Range has included Belgian Blanche, Belgian Triple, Honey Ale and Bavarian Keller, with an American Lager added later.
• Honey Ale uses wild organic honey from Jim Corbett National Park; the Belgian Triple was developed with Lupulus Brasserie in Belgium.
• Funding: $1.5 million (Rs 12.5 crore) pre-Series A (parent LB Brewers).

Maka di Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Maka di?

Maka di operates in the Craft beer / alcobev space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Maka di.

• Maka di is a bottled craft beer brand; the name is Konkani for 'give me'.
• Range has included Belgian Blanche, Belgian Triple, Honey Ale and Bavarian Keller, with an American Lager added later.
• Honey Ale uses wild organic honey from Jim Corbett National Park; the Belgian Triple was developed with Lupulus Brasserie in Belgium.
• All production is in-house at the Goa brewery, which has an in-house R&D lab working on about 50 recipes at a time.
• Sold across 10 Indian states and exported to markets including the UAE, Saudi Arabia, Qatar, Philippines, Australia and the UK.

The Origin Story of Maka di

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Aditya Ishan Varshnei, Anish Varshnei.
• The founders are brothers who moved from the USA to India; the company began as a home-brewing experiment in a US apartment.
• Aditya Ishan Varshnei is co-founder and CEO; Anish Varshnei is co-founder and chief production officer.
• Founding year is reported as 2017 for the company; Maka di was launched in October 2020.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Craft beer / alcobev sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2017: Latambarcem Brewers founded (as reported).
• October 2020: Maka di launched in Goa.
• January 2021: Bottled craft beer launched in Bengaluru.
• 2024: Raised $1.5 million (Rs 12.5 crore) in a pre-Series A round.
• 2024: Plan stated to enter 11 European countries; products served on Akasa Air and Air India Express.
• June 2026 report: Company targets over Rs 60 crore revenue this fiscal and Rs 500 crore in 4-5 years, with a mid-term listing planned.

Maka di Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• 2024: pre-Series A, $1.5 million (Rs 12.5 crore), led by LBB Investor SPV (angel group) with Dhruv Agarwala and Sheba Venture Holdings.

How Does Maka di Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to online shoppers, retail customers, marketplaces and distribution partners, sales cycles and contract size matter as much as headline growth.

• Asset-heavy model with in-house manufacturing rather than contract brewing.
• After setbacks and losses in Maharashtra, Karnataka and Chandigarh, shifted to an asset-light distribution approach using local distributors.
• Capacity reported at about 40,000 cases per month for Maka and 36,000 for Borecha.
• Diversifying into functional beverages (Borecha kombucha, Life6 CoQ10 water).

The Numbers: Maka di Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• Previous fiscal year (as of a June 2026 report): revenue about Rs 24 crore (parent LB Brewers).
• Current fiscal year target: over Rs 60 crore; MakaDi expected to turn profitable this fiscal.
• 2024 projection: Rs 300 crore annual revenue within three years (reports differ with later Rs 500 crore in 5 years target).

Market Opportunity for Maka di

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising internet and smartphone use, growing online retail, digital payments, quick commerce and a younger consumer base that is open to new brands. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Positioned in India's growing craft beer segment as a locally brewed alternative to imports.
• Expanded to 10 states in the past year, including Delhi, UP, Rajasthan, West Bengal, Odisha, Gujarat, MP and Kerala.

Technology and Product at Maka di

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are supply-chain reliability, brand trust, product quality, data on customer behaviour and the efficiency of fulfilment.

• In-house R&D lab and canning lines with recent investment in automation.

Team and Culture at Maka di

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Aditya Ishan Varshnei, co-founder and CEO.
• Anish Varshnei, co-founder and chief production officer.
• Sarika Varshnei, Chief Growth Officer.

Maka di Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

• Direct competitors of Maka di vary by product line; a verified rival comparison was not available from public sources.
• What to compare: Product readiness, pricing, customer base, funding runway and regulatory standing.

Risks and Challenges for Maka di

• Earlier market entries in Maharashtra, Karnataka and Chandigarh led to losses.
• Alcohol regulation and state-by-state excise rules limit distribution.
• Revenue targets are ambitious relative to current scale.
• Figures are for parent LB Brewers; brand-level financials not disclosed.
• Competition: low barriers to entry and large marketplaces make it hard for a brand to stay differentiated.
• Customer acquisition cost: paid marketing can become expensive and erode margins as a brand scales.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations.

Maka di Growth Outlook: What to Watch

• Plans mid-term listing to fund expansion.
• Targets Rs 500 crore revenue in 4-5 years and entry into the EU.
• Key indicators: repeat purchase rate, average order value, gross margin, contribution margin and customer acquisition cost.
• Funding position: Whether Maka di can reach its next milestone before needing new capital.
• Regulation: Changes from consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations.

Industry Context: Where Maka di Fits

India's consumer market is large, young and increasingly online. Rising smartphone and internet use, digital payments and faster delivery have helped direct-to-consumer brands, marketplaces and quick-commerce platforms reach customers who once relied on local shops. Established companies, marketplaces and new brands now compete for the same shoppers.

Success in consumer businesses usually depends on a clear brand promise, repeat customers and healthy unit economics, not on sales volume alone. Companies that control quality, understand customer needs and manage marketing costs tend to build more durable brands than those that grow mainly by discounting.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Maka di

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Maka di.

Bull case

• A growing base of online shoppers expands the potential market.
• Strong brands can earn repeat purchases and pricing power.
• Distribution through marketplaces, quick commerce and stores widens reach.

Bear case

• Heavy competition and discounting can hurt margins.
• Rising marketing costs can slow profitable growth.
• Supply-chain or quality problems can quickly damage trust.

Lessons Founders and Investors Can Take from Maka di

Studying a company in the Craft beer / alcobev space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Maka di.

• A clear brand identity and consistent product quality matter more than short-term sales spikes.
• Repeat customers lower acquisition costs and make growth more profitable.
• Controlling the supply chain helps protect quality and margins as volumes grow.
• Selling across several channels, such as own website, marketplaces, quick commerce and stores, reduces dependence on one platform.
• Healthy contribution margins are a better sign of progress than revenue growth alone.

How to Evaluate Maka di as a Startup

• Customer clarity: Can Maka di name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Maka di is part of India’s growing Craft beer / alcobev ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Maka di FAQs: Frequently Asked Questions

What is Maka di?

Maka di is a Goa-based Indian craft beer brand made by Latambarcem Brewers (LB Brewers), which also makes the Borecha kombucha brand. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Maka di?

Maka di was founded by Aditya Ishan Varshnei, Anish Varshnei, and the company reports a founding year of 2017.

How much funding has Maka di raised?

$1.5 million (Rs 12.5 crore) pre-Series A (parent LB Brewers). Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Maka di make money?

Maka di earns revenue from its Craft beer / alcobev products and services sold to online shoppers, retail customers, marketplaces and distribution partners. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Maka di?

Competitors of Maka di depend on the specific product line. A verified comparison was not available, so see the evaluation checklist above.

What are the main risks for Maka di?

Main risks include competition: low barriers to entry and large marketplaces make it hard for a brand to stay differentiated, funding and capital needs, competition and regulation by consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations. This is educational content, not investment advice.

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Source

Source: Publicly available data, published reports, industry research, and other credible sources.