Proost Beer, a startup based in Delhi, has announced that it raised INR 8.5 crore in a pre-series funding round, according to a press release issued by the company today.
The funding round saw participation from a range of investors, including Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve, and several other angel investors, in addition to Proost Beer’s current investors, Dauble PTE and Dev Punj.
Proost Beer intends to employ the new capital to boost its production capacity, explore fresh markets, and meet its working capital needs. The startup is confident that these funds will propel its growth trajectory and cement its position as a top beer brewing firm in India.
Vijay P Sharma, MD & Co-Founder of the company said, “This latest investment is part of a larger fundraising plan and will enable us to expand our production capacity and penetrate new states. We are optimistic about the industry’s growth potential, especially considering consumers’ increasing willingness to try out new, high-quality products. With this funding, we anticipate achieving 300% growth in the current financial year FY24.”
Having secured this funding, Proost Beer is now in an ideal position to take advantage of the burgeoning demand for high-quality beer in India, and the extra capital will aid in achieving its growth goals. Tarun Bhargava, the company’s CEO and Co-Founder, expressed his eagerness to expand their beer’s reach to a broader audience throughout India.
Proost Beer procures its raw materials from domestic and foreign providers, guaranteeing that its brews meet the necessary quality criteria.
Established in 2017, Proost Beer is presently accessible in over 1800 retail locations, having already sold in excess of 10 million units. The startup also appeared on the Indian television program, Shark Tank India.