Varun Beverages | Growth History, Products and Subsidiaries

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What’s the first drink that comes to your mind when you are packing for your quick trek? Pepsi, Mirinda, Mountain Dew, 7UP? The best summer quenchers. But have you ever taken a minute to think about the minds behind these drinks? They’re no ordinary beverages; they’re the ones that always leave us wanting more! From the classic cola kick of Pepsi to the tantalising tang of Mirinda, from the electrifying energy of Gatorade to the soothing sip of Lipton Ice Tea, Varun Beverages has mastered the art of keeping the Indian palate not just satisfied but begging for more.

So, join us on a journey through the fizzy, flavorful world of Varun Beverages, where every sip is a celebration of taste and tradition.

History of Varun Beverages: Sipping the Magic of Pepsi, Mirinda, and More

Varun Beverages has established itself as a key player in the beverage industry. Currently, it serves PepsiCo beverages to 1/6th of the world’s population. 

With over 3.8 million outlets and 40 manufacturing facilities in 6 countries, it has become a prominent name in the market. 

However, its journey began back in the 1990s.


Varun Beverages was born as a public limited company back in 1995.

In 1996, VBL kickstarted its operations in Jaipur.

Following its growth journey, it planted its seeds of ambition in Alwar, Jodhpur, and Kosi in 1999.


As the new millennium dawned, VBL contuinued on a transformative journey. 

In 2004, the company underwent a significant evolution with the merger of DBL, marking a pivotal moment in its history.

Then, in 2012, VBIL joined forces with VBL, shaping a stronger and more dynamic entity. 

With each merger, the company’s footprint expanded, setting the stage for monumental growth.

In 2013, VBL acquired the business of manufacturing and marketing soft drink beverages in Delhi, India. 

This further expanded its market reach.

In 2015, the company made strategic moves to solidify its market position. 

It acquired Pepsi India’s business in several Indian states, including Uttar Pradesh, Uttarakhand, Himachal Pradesh, Haryana, and the Union Territory of Chandigarh.

Additionally, it acquired businesses in Bazpur, Jainpur, Satharia, Panipat, and Punjab.

From the streets of Uttar Pradesh to the stock exchanges of India, Varun Beverages’ journey was bubbling with success!

In 2016, VBL achieved a significant milestone by successfully listing on the NSE & BSE.

In 2017, Varun Beverages expanded its reach even further, snapping up PepsiCo India’s franchised territories in Odisha and parts of Madhya Pradesh.

With new manufacturing units in tow, it solidified its grip on crucial regions.

The momentum didn’t halt in 2018.

Varun Beverages sharpened its strategy. 

They set up a fresh production hub in Zimbabwe and inked a crucial deal to distribute the Tropicana range in North and East India.

They sealed the deal for PepsiCo India’s franchised territories in Chhattisgarh, Bihar, and Jharkhand.

By 2019, it was on a roll.

The company made substantial acquisitions, obtaining West and South India sub-territories from PepsiCo.

Additionally, they acquired franchised sub-territories in Maharashtra, Karnataka, and Madhya Pradesh.

Their commitment to expansion and growth was crystal clear.

The 2020s and Present

Fast forward to the era of the 2020s!

It has become a powerhouse in the beverage industry. 

From strategic acquisitions to pioneering agreements, the company has left an indelible mark on the global stage.

In 2022, Varun Beverages began producing PepsiCo’s Kurkure Puffcorn at the Kosi plant. 

Expanding further, they ventured into territories like Morocco and the Democratic Republic of Congo.

With each milestone, the company continues to write its compelling narrative of success!

YearKey Milestones
1995– Varun Beverages established as a public limited company
1996– Operations commenced in Jaipur
1999– Expansion into Alwar, Jodhpur, and Kosi
2004– Merger with DBL
2012– Merger with VBIL
2013– Acquisition of soft drink manufacturing business in Delhi
2015– Acquisition of Pepsi India’s business in multiple Indian states- Acquisition of businesses in Bazpur, Jainpur, Satharia, Panipat, and Punjab
2016– Successfully listed on NSE & BSE
2017– Acquisition of PepsiCo India’s franchised territories in Odisha and parts of Madhya Pradesh
2018– Establishment of production facility in ZimbabweStrategic distribution partnership for Tropicana range in North and East India- Acquisition of PepsiCo India’s franchised territories in Chhattisgarh, Bihar, and Jharkhand
2019– Acquisition of West and South India sub-territories from PepsiCo-Acquisition of franchised sub-territories in Maharashtra, Karnataka, and Madhya Pradesh
2022– Commencement of Kurkure Puffcorn production at Kosi plant                                              – Distribution agreement for Lays, Doritos, and Cheetos in Morocco- Establishment of Varun Beverages RDC SAS in the Democratic Republic of Congo

Varun Beverages Ltd Introduction

Varun Beverages Limited (VBL) ranks 3rd among India’s leading FMCG players.

It operates in 6 countries across the Indian sub-continent and Africa, producing popular brands like Pepsi, Mirinda, 7up, and others. 

With over 10,000 employees embodying the #HungryForMore spirit, VBL stands as PepsiCo’s second-largest franchisee partner globally. 

VBL holds franchises for PepsiCo products across 27 Indian States and 7 Union Territories, as well as in Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe. 

Led by Chairman Mr. Ravi Jaipuria, VBL is part of the RJ Corp group, known for its diversified business interests. 

The succession plan for RJ Corp has been solidified with the founder and chairman, Ravi Jaipuria, entrusting strategic leadership roles to his children. Varun oversees the food and beverages sector, and Devyani(daughter) manages healthcare and education. This strategic move ensures continuity and future growth, with family members actively involved in shaping the company’s direction.

Varun Beverages Limited| 3rd Largest FMCG in India

Varun Beverages Limited
Varun Beverages Limited
  1. Varun Beverages Owner:
    Mr. Ravi Jaipuria
  2. Varun Beverages Share Price:
    ₹ 1,405
  3. Varun Beverages Market Cap:
    ₹ 1,82,551 Cr.
  4. Varun Beverages Net Worth– As of 2022, the net worth of Varun Beverages Limited was over 52 billion Indian rupees
  5. Varun Beverages Products:
  • Pepsi
  • Pepsi Black
  • Mountain Dew
  • Sting
  • 7up
  • Mirinda
  • Slice
  • Tropicana
  • Aquafina
  • Gatorade
  • Lipton Ice Tea
  • Cream Bell
  1. Varun Beverages Subsidiaries:

7. Shareholding Pattern:

Over the past few years, the shareholding pattern of Varun Beverages has seen a consistent trend.

The promoters have maintained a dominant stake, gradually reducing from 65.82% in 2021 to 62.91% in March 2024.

Foreign Institutional Investors (FIIs) have shown increasing interest, growing from 20.73% in 2021 to 25.79% in March 2024.

The number of shareholders has significantly increased. As of March 2024, Varun Beverages has over 4.8 lakh shareholders.

8. Financial Metrics:

  • Varun Beverages has achieved strong profit growth, with a 47.3% CAGR over the last 5 years.
  • The company maintains resilient net profit margins.
  • It has an impressive Return on Equity (ROE) of 35.2% over the last year.
  • Sales growth has been notable, with a median rate of 21.8% over the last decade.
  • The company effectively manages its cash conversion cycle, ensuring efficient working capital utilisation.

Leading the way Towards Sustainability

Varun Beverages is committed to sustainability, making it a way of life. They have a mission to refresh consumers while ensuring a positive impact on the planet and well-being. D79B30

This commitment is evident through their focus on reducing carbon emissions, water stewardship, waste management, and renewable energy. 

They have established cross-functional ESG task forces and board-level committees to drive initiatives. Their roadmap includes targets for water stewardship, plastic waste management, and climate action. 

VBL showcases green initiatives like plantation projects, energy-efficient equipment, and electric vehicles for distribution. This demonstrates their dedication to sustainability beyond compliance.

FAQs| Varun Beverages History

Is Varun Beverages owned by Pepsi?

Varun Beverages is not owned by PepsiCo. It is a part of RJ Corp, which is owned by Ravi Jaipuria. It is one of the largest franchisees of PepsiCo outside the United States.

What is the product of Varun Beverages?

Varun Beverages manufactures and distributes a variety of PepsiCo’s beverage products, including carbonated soft drinks like Pepsi, 7 Up, Mountain Dew, and Mirinda, and non-carbonated drinks such as Tropicana fruit juices, Gatorade sports drinks, etc.

Who owns Varun Beverages?

Varun Beverages is owned by RJ Corp. Its founder and chairman is Ravi Jaipuria.

Are PepsiCo and Varun Beverages the same?

No, PepsiCo and VBL are not the same. PepsiCo is an American multinational snack, food, and beverage corporation, while Varun Beverages has a franchisee to manufacture and distribute PepsiCo’s products in several countries.,


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