Homegrown beer brand Proost Beer has secured INR 30 crore (approximately $3.5 million) in funding as part of its ongoing Series A round, co-led by Chimes Group and Porus Laboratories CEO Srinavasan Namala.
Hyderabad Angels, The Chennai Angels, HNIs participate
Hyderabad Angels, The Chennai Angels, and several high net worth individuals (HNIs) also participated in the round.
Founded in 2017 by Vijay P Sharma and Tarun Bhargava, Proost Beer manufactures and sells a range of beers, all made in India. The Delhi NCR-based brand aims to capture 5% of the Indian beer market by 2030 through innovation, customer-focused product development, and market expansion.
However, Proost Beer competes with established players like Diageo, United Breweries, and Pernod Ricard India, as well as startups like Bira91 and White Owl Brewery. “With these funds, we will focus on expanding and strengthening our production capacity, entering new markets, and deepening our presence in existing ones through brand building,” said Tarun Bhargava.
India’s beer market to grow at 7.1% CAGR
Notably, the Indian beer market has seen significant funding activity recently. In August, LB Brewers raised $1.5 million, while Bira 91 secured $25 million in June. According to a report, India’s beer market is expected to grow at a CAGR of 7.1% from 2024 to 2032, reaching ₹781.2 billion by 2032.
The funding will enable Proost Beer to enhance its supply chain, product offerings, and brand visibility. Bhargava added, “We will focus on expanding into strengthening our production capacity, expanding into a few new markets while also ensuring that we go deeper into our existing ones on the back of brand building.”
