History of Varun Beverages: from founding to today
VBL was incorporated in 1995 and listed in 2016 after a ₹1,112.5 crore IPO 79. It bought PepsiCo India's bottling territories between 2013 and 2019 7.
Founded1995, Delhi
StatusListed
Listed onNSE, BSE: VBL
Origins
The Jaipuria family bottled Coca-Cola and later Thums Up. After the family business split in 1987, Ravi Jaipuria received one bottling plant and switched to PepsiCo 14. VBL was incorporated in 1995; it merged with DBL in 2004 and VBIL in 2012 under Delhi High Court orders 7.
Buying PepsiCo's territories
| Year | Territory or event |
|---|---|
| 2013 | Delhi 7 |
| 2015 | Uttar Pradesh, Uttarakhand, Himachal Pradesh and Haryana; Zimbabwe subsidiary set up 7 |
| 2016 | Zambia; IPO at ₹445 a share, listed 8 November 79 |
| 2017 | Odisha and part of Madhya Pradesh 7 |
| 2018 | Chhattisgarh, Bihar and Jharkhand 7 |
| 2019 | South and West sub-territories, for ₹1,850 crore 78 |
| 2021 | DR Congo subsidiary 7 |
| 2022 | Snacks distribution in Morocco 7 |
| March 2024 | Completed BevCo purchase in South Africa 11 |
| March 2026 | Twizza, South Africa, became a subsidiary 24 |
| July 2026 | PepsiCo India licence extended to April 2049 14 |
The 2019 deal
The South and West purchase was mostly funded with debt and raised VBL's share of PepsiCo India volumes from 51% to more than 80% 8. VBL now handles more than 90% 18.
Beyond soft drinks
In October 2025 VBL amended its objects to cover alcoholic drinks and agreed to distribute Carlsberg in some African markets 12. It later set up KIVA Spirits for ready-to-drink alcoholic drinks 13.
Frequently asked questions
On 8 November 2016, after an IPO priced at ₹445 a share.
It has set up KIVA Spirits for ready-to-drink alcoholic drinks and distributes Carlsberg in some African markets.
Sources✓ Verified 5 Nov 2026
1 Forbes, Ravi Jaipuria (Real-Time Billionaires), 5 Nov 2026, Ravi Jaipuria
2 Varun Beverages, Q4 and CY2025 financial results, 3 Feb 2026, CY2025 results
3 Varun Beverages / BSE, Q3 and 9M CY2026 financial results, 30 Oct 2026, Q3 CY2026 results
4 Wikipedia, Ravi Jaipuria, 6 Nov 2026, background
5 Trendlyne, Varun Beverages shareholding, 30 Sep 2026, shareholding
6 Voguestock, Varun Beverages shareholding pattern, 30 Sep 2026, promoter split
7 Varun Beverages, About us, 6 Nov 2026, history, brands
8 Business Standard, Varun Beverages rises on territory acquisition, 21 Feb 2019, South and West territories
9 Chittorgarh, Varun Beverages IPO, 1 Nov 2016, IPO
10 Business Today, Multibagger stock with bonus issues and splits, 1 Apr 2026, bonus issues, splits
11 Varun Beverages, Q4 and CY2024 press release, 10 Feb 2025, CY2024 results, BevCo
12 Business Standard, Varun Beverages to enter alcoholic drinks segment, 29 Oct 2025, alcoholic drinks
13 Free Press Journal, Varun Beverages Q3 CY2026 profit rises 14% to ₹831 crore, 30 Oct 2026, Q3 CY2026
14 DSIJ, Varun Beverages reports 20% revenue growth, extends PepsiCo pact, 28 Jul 2026, Q2 CY2026, PepsiCo licence
15 AlphaStreet, Varun Beverages earnings call transcript, 4 Feb 2026, earnings call
16 MarketScreener, Varun Beverages approves resignation of Kapil Agarwal, 1 Nov 2022, Kapil Agarwal
17 NewsBytes, Varun Beverages stock climbs on CFO appointment, 30 Jul 2025, CFO
18 IIFL, Varun Beverages management discussion, 1 Jan 1970, CY2025 MD&A
19 Kotak Neo, Varun Beverages shares in focus after Q3 CY26 results, 30 Oct 2026, Q3 CY2026, new franchises
20 FoodBusinessMEA, Hindustan Coca-Cola Beverages reports 73% profit decline in FY25, 1 Jan 1970, HCCB results
21 Mint, Varun Beverages ramping up capacity amid a pricing war, 21 Mar 2025, Campa pricing
22 ICICI Direct, Cola war is back: impact on Varun Beverages, 17 Mar 2023, Campa impact
23 ThePrint (Reuters), Varun Beverages to enter South Africa with $159 million deal, 19 Dec 2023, BevCo
24 Varun Beverages / NSE, Press release, 27 April 2026, 27 Apr 2026, Q1 CY2026, Twizza
25 Arthneeti (company filing), Varun Beverages disclosure under Regulation 30, 30 Sep 2026, Crickley Dairy
26 Business Standard, Varun Beverages launches QIP to raise up to Rs 7,500 crore, 14 Nov 2024, QIP
27 Upstox, Varun Beverages Q3 net profit jumps 14%, 30 Oct 2026, Q3 CY2026
28 InvestyWise, Varun Beverages Q3 and 9M CY2026 results presentation, 30 Oct 2026, Q3 presentation
29 StockAnalysis, Varun Beverages statistics, 2 Sep 2026, market value
30 The Himalayan Times, DRI seeks Rs 1.95bn from Varun Beverages, 20 Dec 2019, Nepal tax case
31 Business Today, Sin tax effect: Varun Beverages shares lose fizz, 4 Sep 2025, GST
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