The company also plans to introduce ‘Drunken Monkey’ smoothies in bottles in the retail market in the future.
The Hyderabad headquartered Smoothie Bar startup ‘Drunken Monkey’ with 50 outlets across 12 Indian cities, has confirmed its intent to rapidly expand the franchise chain to 150 by 2019.
Founded by serial entrepreneur Samrat Reddy, Drunken Monkey delivers blended fresh-fruit smoothies and juices in over 170 special combinations, ranging from all-natural fresh fruit shakes to decadently indulgent smoothies, from detox smoothies to meal smoothies and also a range of smoothies to cure hangovers.
Reddy said, "I wanted to do to smoothies what Starbucks did to coffee. The new generation, the millennials want to be catered to and are more willing than ever to experiment with new brands. People want a space to create meaningful social connections without restricting themselves to the regular coffee and chai outlets. Smoothies are the new social lubricant in town.”
Drunken Monkey says its fresh fruit smoothies and shakes are made from 100% natural local produce, without any artificial flavors, preservatives or even ice.
With an untapped smoothie market and given its first mover advantage in the Smoothies industry, there is still plenty of room for growth, says Reddy. On the company’s strategy for growth, he said, "We believe franchising is the best way forward as it reduces the company's capital requirements and facilitates stronger RoI on expansion.”
Reddy said, “The company is currently self-funded and has plans to explore fresh investments once it achieves 150 bars target and attains strong brand valuation. Right now, the company has positive cash on its balance sheet, no debt and ample capital to pursue growth opportunities.”
Drunken Monkey is also considering its foray into five new international markets currently under study by its research team, after the company has established dominance in the domestic market. The company also plans to introduce ‘Drunken Monkey’ smoothies in bottles in the retail market in the future.
The global smoothies market is projected to reach USD $17 Billion in 2024 and to grow at a compound annual growth rate (CAGR) of 8.59% during the period 2017-2021, the company said.