Proost Beer has raised Rs 8.5 crore in another funding season
- ByStartupStory | April 13, 2023
Proost Beer, a Delhi-based startup, has raised Rs 8.5 crore in a pre-series funding round. Other angel investors in the round included Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, and Finnvolve, in addition to its current investors Dauble PTE and Dev Punj.
With this most recent financial infusion, the company intends to increase its production capacity, explore new markets, and meet its working capital requirements. The company is confident that it will be able to use these funds to accelerate its growth and solidify its position as India’s leading beer brewing company.
“This most recent investment is part of a larger fundraising plan and will help us reach more states and increase our manufacturing capacity,” said Vijay P. Sharma, the company’s MD and co-founder. We are excited about the industry’s potential for expansion, especially given customers’ growing willingness to experiment with innovative, high-quality items. We hope to increase by 300% during the current fiscal year, FY24, with this investment.
Thanks to this funding, it is now well-positioned to capitalise on India’s rising demand for high-quality beer, and the extra cash will assist it in meeting its expansion objectives. Tarun Bhargava, the company’s CEO and co-founder, expressed excitement about expanding the distribution of his beer throughout India.
To maintain the highest standards for its brews, the company sources raw materials from both domestic and international vendors. Proost Beer was established in 2017 and is now available in over 1800 retail locations. It claimed to have already sold over 10 million units. The startup was also featured on the Shark Tank India television show in India.
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