Proost Beer Raises Rs 8.5 Cr In Fresh Funding
Proost Beer, a Delhi-based startup, has raised Rs 8.5 crore in a fresh funding round led by Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve, and other prominent angel investors.
The funding round also saw participation from its existing investors- Dauble PTE and Dev Punj.
As per the startup, the freshly raised funds will be used to expand production capacity, venture into new markets, and fulfil other working capital requirements.
Grano69 Beverages | Proost Beer
Founded by Tarun Bhargava (Co-Founder & CEO), and Vijay Sharma (Co-Founder & Managing Director), Proost Beer is a beer brand operated by Delhi-based Grano69 Beverages.
As per the startup, it sources its raw materials from both local and international suppliers, ensuring the highest quality standards for its brews.
Speaking about the development, Tarun Bhargava, CEO and Co-founder of Proost Beer, said,
“We are delighted to have secured this funding round, and this comes as a validation from our investors on our business model. This will allow us to ramp up our production and expand our reach in the market. We look forward to bringing our beer to even more consumers across India.”
As per Vijay P Sharma, managing director and co-founder of Proost Beer, this latest investment is part of a larger fundraising plan and will enable the brand to expand its production capacity and penetrate new states.
Vijay added,
“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 per cent growth in the current financial year, FY 23-24.”
Last month, B9 Beverages, which owns the Indian craft beer brand Bira 91, raised $10 million from Japan’s largest bank MUFG Bank to ramp up its production, bolster the supply chain and enhance innovation capabilities. Prior to it, Bira 91 had secured $70 million in a Series-D funding round, which was led by Japanese beer company Kirin Holdings Co.
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