Homegrown Beer Maker Proost Raises INR 25 Cr To Enter New Markets
Summary
The funding round, which was a mix of equity and debt, saw participation from the likes of Chimes Group, The Chennai Angels, India Accelerator, Hyderabad Angels, and Mumbai Angels Proost Beer, which currently has a presence in Delhi, Punjab, Uttar Pradesh, and Kerala, said it would use the fresh funds to expand its production capacity and enter into new markets The startup, which operates under the umbrella of Grano69 Beverages, manufactures and sells a range of beers and aims to capture 5% share in the Indian market by the end of the decadeHomegrown beer brand Proost Beer has raised INR 25 Cr (about $3 Mn) in its pre-Series A funding round, which was a mix of equity and debt.The funding round saw participation from existing and new investors, including Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, AngelList India, and Agiliti Venture.In a statement, the startup said that the fresh capital would be used for its strategic expansion plans. The startup said it aims to secure a 5% share in the Indian beer market by the end of the decade.Commenting on the fundraise, Vijay P Sharma, cofounder & managing director of Proost Beer, said, We are highly optimistic about the industrys growth potential, driven by the increasing consumer appetite for innovative, high-quality products. With this funding, we anticipate achieving a remarkable 300% growth.Besides established players like Diageo, United Breweries, and Pernod Ricard India, Proost Beer also competes with startups like Bira91 and White Owl Brewery.Bira 91 claims to be the fourth-largest beer company in India. Earlier this year, it raised $10 Mn from Japans largest bank, MUFG Bank, three months after it raised $70 Mn in its Series D funding round from Japanese beer company Kirin Holdings.Last October, Bira91 also acquired alco-beverage chain The Beer Cafe in an all-stock deal. As per IMARC Group, the market is expected to reach a size of INR 62,240 Cr by 2028, exhibiting a growth rate (CAGR) of 8.1% during 2023-2028.
Funding
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