Varun Beverages Limited : Company Biography

Company Overview

Varun Beverages Limited (VBL) is an Indian beverage company engaged primarily in the manufacture, marketing and distribution of beverages under PepsiCo trademarks. The company was incorporated in 1995 and commenced commercial operations in 1996. VBL's corporate office is located at RJ Corp House, Plot No. 31, Institutional Area, Sector 44, Gurugram, Haryana, while its registered office is in Okhla Industrial Area, New Delhi.

VBL operates in the non-alcoholic beverage industry and has maintained a business association with PepsiCo for more than three decades. Its 2025 Annual Report describes the company as the second-largest PepsiCo franchisee globally, outside the United States.

Business and Products

VBL's principal business model is based on manufacturing and distributing PepsiCo's beverage products in territories for which it has been granted franchise or distribution rights. The company operates manufacturing facilities, sales and distribution networks, logistics operations and in-market execution capabilities. Its activities include production, packaging, distribution, merchandising and consumer-market execution.

The company's beverage portfolio includes carbonated soft drinks, non-carbonated beverages, juice-based drinks, sports and energy drinks, and packaged drinking water. Products manufactured and distributed by VBL include Pepsi, Pepsi Zero, Mountain Dew, Sting, Seven-Up, Mirinda, Seven-Up Nimbooz, Evervess, Slice, Tropicana, Gatorade and Aquafina, subject to the applicable territory and franchise rights.

In selected African markets, VBL also expanded its activities beyond beverages. During 2025, its operations included the manufacture of PepsiCo's Cheetos snack brand in Morocco and Zimbabwe and distribution of PepsiCo snacks in Zimbabwe and Zambia.

Major Operations

VBL's operations are built around manufacturing capacity and an extensive route-to-market network. Its 2025 Annual Report records 50 production facilities globally and 1.213 billion cases sold during calendar year 2025. A unit case is defined by the company as 5.678 litres of beverage divided into 24 bottles of approximately 237 ml each.

In India, VBL holds PepsiCo franchise rights across 26 states and six Union Territories. India accounted for approximately 67% of the company's net operating revenue in 2025. The company also operates internationally through franchise and distribution arrangements.

Geographic Presence

According to the 2025 Annual Report, VBL's international franchise operations covered Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, the Democratic Republic of Congo, South Africa, Lesotho and Eswatini. It additionally held distribution rights in Namibia, Botswana, Mozambique and Madagascar. Overall, the company reported a presence across 14 countries.

VBL's target customers are primarily consumers of packaged non-alcoholic beverages and, in selected international markets, packaged snacks. Its distribution system also serves retailers, distributors and other trade-channel participants involved in bringing products to consumers.

Vision, Mission and Values

VBL's current published vision is: “We will be the most admired beverage company in all our markets.” Its stated mission is to refresh billions of consumers through a broad portfolio of beverages while ensuring a sustainable ecosystem with a positive impact on the planet and well-being.

The company's 2025 Annual Report identifies values and operating principles including employee empowerment, community responsibility, ethical business practices, inclusivity and diversity, customer satisfaction, partnership and collaboration, social responsibility, integrity and transparency, and environmental responsibility.

Subsidiaries and Corporate Structure

VBL's 2025 consolidated disclosures identify subsidiaries including Varun Beverages (Nepal) Private Limited, Varun Beverages Lanka (Private) Limited, Varun Beverages Morocco SA, Varun Beverages (Zambia) Limited, Varun Beverages (Zimbabwe) (Private) Limited, Varun Beverages RDC SAS, Varun Beverages South Africa (Pty) Ltd, VBL Mozambique SA, The Beverage Company Proprietary Limited and VBL Industries (Kenya) Limited, among others.

Awards and Recognition

VBL's official awards records include PepsiCo's International Bottler of the Year 2022, PepsiCo's Best Bottler in the AMESA Sector 2021, the Golden Peacock National Quality Award 2022, and several recognitions for corporate governance. The company's official website also records PepsiCo bottler awards from earlier years.