Salud: How Ajay Shetty is Crafting a Lifestyle Beverage Empire Beyond the Traditional Liquor Lobby
For most professionals on Wall Street or in the high-pressure trading floors of Hong Kong, the "India dream" is often a distant, nostalgic thought. But for Ajay Shetty, a quintessential investment banker with a background at Morgan Stanley and Merrill Lynch, the dream was fueled by something more visceral: a passion for food, drink, and the cusp of India's "Gastronomy Revolution." While the Indian liquor industry was traditionally seen as a closed-off fortress dominated by heavy lobbies and archaic state rules, Ajay saw a young, globalized population hungry for something different—beverages that weren't just about the alcohol, but about the lifestyle.
Today, as the founder and CEO of Salud Beverages, Ajay is building a multibrand empire that spans meads, wines, and award-winning Ready-to-Drink (RTD) craft spirits. This is his second major venture in the space, following the successful founding and exit of Myra Vineyards to VisVires Capital in 2018. By applying the "unemotional execution" of a banker to the colorful world of spirits, Ajay is proving that in the complex "poker game" of Indian excise laws, the winning hand belongs to those who build brands bigger than themselves.
The Journey of Ajay Shetty
- 2011: Founded Myra Vineyards, one of India's earliest wine startups.
- 2018: Successful exit to VisVires Capital (Singapore/French fund).
- 2020: Launched Salud Beverages, pioneering the RTD Gin & Tonic space in India.
- 18-30: The target age group for Salud's aspirational, "clean and classy" beverage portfolio.
The Genesis: The "Swadesh" Factor and the Gastronomy Cusp
Ajay Shetty’s decision to leave a high-paying banking career wasn't a sudden impulse; it was a response to a shifting national tide. "You should blame the movie Swadesh," Ajay jokes. "Every Indian who has lived abroad feels that twang in their heart when they hear the song. But professionally, I noticed that India was at the cusp of a food and drink explosion. The exposure of the 90s and 2000s created a young population that had traveled the world and wanted global cuisines and sophisticated drinks at home."
Despite having no land banks or background in the "Alcobeer" space—his father was a banker and his brother was in IT—Ajay jumped into the deep end. He founded Myra Vineyards in 2011, launching his first vintage in 2013. Without the quintessential "Liquor Lobby" connections, he relied on gut feeling and a rigorous learning curve to navigate the Karnataka and Goa markets.
The "Lifestyle" Strategy
Ajay believes that brands like Red Bull and Kingfisher succeeded because they didn't just sell a liquid; they sold a Lifestyle. "None of them talk about the brand; they talk about the experience. For Salud, we wanted to create a brand that people want to live and follow—aspirational, clean, and classy, but accessible."
The Challenge: Navigating the "Poker Cards" of Excise
One of the most sobering realities for any beverage entrepreneur in India is the regulatory landscape. Unlike non-alcoholic goods, alcohol does not fall under the national GST. It is a state-specific minefield of unique rules, manual registrations, and annual renewals.
"I don't look at excise rules as difficulties; I treat them as poker cards," Ajay explains. "These are the cards you are dealt. You can't complain; you have to know how to work with the hand. You can't just sell online or do a national registration. You have to be in the system to get the system to change."
The Alcobev GTM Workflow in India
- State Registration: Register the brand individually in every single target state.
- Label Approval: Constant monitoring and approval of every label design by state authorities.
- Local Manufacturing: Often requires local bottling contracts or lease facilities (Goa is a popular hub due to easier regulations).
- Distributor Management: Navigating different payout times and cash holdings between government and private distributors.
- Annual Renewal: Re-certifying the entire business every year to keep the license active.
The Pivot: From Myra to the RTD Revolution
By 2018, Myra Vineyards had become a recognized name, even winning gold medals for its Shiraz. However, Ajay realized that to grow exponentially, the business needed "exponential money." He chose to exit to VisVires Capital and joined Grover Zampa as Chief Lifestyle Officer for 18 months before launching Salud.
Salud was built on the lessons of the first venture. Ajay focused on the **Ready-to-Drink (RTD)** space, specifically Gin & Tonics. However, he quickly learned that India is a "color-oriented" market. "While we wanted to keep the spirits clear and clean, we realized that some markets didn't recognize clear rtds as 'alcohol'. We had to pivot, listening to the customer feedback without getting defensive, and even introduced wine-based RTDs to cater to regional sensibilities."
The Evolution of Indian Drinking Habits
- The 90s/2000s: Limited choice—Indian, Chinese, or "hotel" Italian. Drinks were standard spirits or beer.
- The 2026 Reality: Global Gastronomy. High interest in Wine Bars, Craft Spirits, Meads, and sophisticated RTDs.
- The Market: Transitioning from "just getting drunk" to consuming a brand's story and spirit origin.
Entrepreneurship: The Art of Unemotional Execution
Perhaps the most profound insight Ajay shares is the need for Humility and Unemotional Execution. He argues that many founders fail because they get "emotionally married" to their product.
"Entrepreneurship is a way of life, but you must be unemotional," he advises. "If you become an impediment to the natural course of your business, you must have the humility to move out and let better people take it there. You have to realize that what you are creating is bigger than who you are."
Ajay's Finance-First Playbook
- Finance is the Spinal Cord: Without a clear understanding of cash flow, cogs, and DCF models, a beverage brand will collapse under its own weight.
- Listen to the Customer: If feedback is consistent across three markets, apply the change immediately. Don't be "randomly" innovative.
- Humility is the Moat: Acknowledge that the families you are taking care of (your employees) are more important than your personal ego.
- People-Forward: Build a team you can trust across various functional areas so you can focus on the long-term vision.
Conclusion: Building for Perpetuity
Ajay Shetty’s journey from the trading floors of Hong Kong to the vineyards of Karnataka is a testament to the power of structured passion. By turning the "crisis" of complex Indian regulations into a game of strategic skill, he has built a lifestyle brand that resonates with the new India. As Salud Beverages continues to scale and win global awards, Ajay remains focused on the "North Star": building an institution that exists for perpetuity. In the world of Ajay Shetty, the best drink isn't just the one in the bottle—it's the story, the lifestyle, and the legacy that comes with it.