In a major development that will change the face of Indian beverage industry, Moon Beverages, one of the largest franchise bottlers of Coca-Cola in India, is planning an Initial Public Offering (IPO) as part of its growth strategy. The move is a result of INR 4,000 crore investment in capacity expansion, acquisitions and deeper market penetration.
This was confirmed by Anant Agarwal, Vice Chairman of the MMG Group, which owns Moon Beverages. “This is in our plan. We are very bullish on growth for Moon Beverages, and the IPO plan sits very well with that ambition,” Agarwal said in a recent statement, signaling robust confidence in the brand’s future prospects.
Heavy Investment Fuels Expansion
The company, based in Delhi NCR, has been on a growth spree, with capital deployment in new bottling plants, strategic acquisitions and focus on regional and international market expansion.
So far, Moon Beverages has invested INR 4,000 crore in its business, for both greenfield and inorganic growth. The most recent expansions include two new bottling facilities under construction in Guwahati (Assam) and Rourkela (Odisha), which will add 7,000 bottles per minute (BPM) to the company’s capacity. These new units will complement the existing 10,000 BPM capacity across five operational plants.
Third-Largest Coca-Cola Bottler in India
Moon Beverages is currently India’s third-largest Coca-Cola bottler, after SLMG Beverages and Kandhari Global. The company has expanded its footprint by acquiring territories from Hindustan Coca-Cola Beverages (HCCB), the wholly owned Indian bottling arm of Coca-Cola, as part of HCCB’s asset-light strategy.
The latest acquisition was in December 2024, when Moon Beverages took over Jharkhand’s bottling operations. It now has presence across Delhi NCR, Western Uttar Pradesh, West Bengal, Jharkhand and the Northeastern states.
This will be crucial as the company plans to double its revenue in the next three to four years. Industry experts say Moon’s acquisitions in Western UP (2020) and later in West Bengal and the Northeast are part of a broader pattern of inorganic growth that has given the company operational leverage.
IPO to Fuel Growth
While the IPO timeline hasn’t been announced yet, discussions with financial and strategic investors are already underway. This is seen as a way to raise capital for further growth, potentially also to get a valuation and more financial flexibility.
Agarwal said “we need to invest constantly” to keep the momentum going, and that India’s soft drinks market is underpenetrated, with per capita consumption far below global averages. “We’re not shying away. We need this level of investment to double the business in three to four years,” he stated.
The company also harbors international ambitions, with Agarwal revealing openness to “going global when the opportunity arises,” particularly in partnership with Coca-Cola.
Backed by a Diversified Conglomerate
Moon Beverages’ growth story is underpinned by the financial muscle and strategic support of the MMG Group, a conglomerate with interests in oil and gas, hospitality, real estate, and QSR operations (including McDonald’s outlets in northern and eastern India).
The MMG Group’s track record of scale-driven operations has lent credibility to Moon Beverages’ aggressive expansion. The beverage unit is targeting a 20% year-on-year growth rate over the next five years, signaling strong internal confidence and market optimism.
Industry Context: Coca-Cola’s Asset-Light Strategy
The IPO plans come at a time when Coca-Cola is transforming its Indian business. In recent months Coca-Cola divested 40% stake in HCCB to Jubilant Bhartia Group for INR 12,500 crore, as part of its global asset-light strategy.
This strategy has led to transfer of several bottling territories to franchise partners like Moon Beverages, Kandhari Global and SLMG. Coca-Cola’s move is expected to make its Indian supply chain more agile and capital efficient.
Increasing Competition in India’s Beverage Market
Moon Beverages’ expansion and IPO plan arrive at a time when the Indian beverage landscape is heating up. Reliance Consumer Products is reviving Campa Cola brand, while PepsiCo has given its bottling to Varun Beverages, making the market more competitive.
With high trade margins and scale driven efficiencies, the beverage industry is attracting big players and fast paced innovation — and Moon Beverages is all set to make a bigger play in this space.
Conclusion
Moon Beverages’ IPO is more than a financial event — it’s a strategic inflection point for one of India’s fastest growing Coca-Cola bottlers. With deep investments, visionary leadership and a presence in emerging markets, Moon Beverages is not just riding India’s beverage wave — it’s shaping its future.
As the company goes public, the eyes of investors, analysts and competitors will be watching — and the stage is set for a big IPO in India’s FMCG space. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.