Grano69 Beverages, a promising brewery startup, recently made headlines as it successfully raised INR 8.5 crore in funding from Mumbai Angels. The company’s remarkable achievement was revealed in a press release on Wednesday, marking a significant milestone in its journey to success.
During the funding round, several prominent investors joined in, including Hyderabad Angels, Finnvolve, Speed Fund, AngelList India, and Friends and Family. Additionally, existing investors Dauble PTE and Dev Punj also participated in the funding round.
With the newly raised capital, the brand aims to bolster its geographical presence and amplify its production capacity.
Nandini Mansinghka, CEO, Mumbai Angels, said, “The brand’s steady growth is indicative of its high potential and we are confident that this funding will enable them to grow further and gain a significant share of the market.”
The Indian beer industry is experiencing a Compound Annual Growth Rate (CAGR) of 9.8 per cent.
Established in 2017, Proost beers have rapidly made their mark, becoming readily available in 1500 retail outlets spanning four states: Delhi, Uttar Pradesh, Kerala, and Punjab. This remarkable expansion is part of the company’s ambitious plan to boost its total production capacity to an impressive 1,50,000 cases per month.
