Proost Beer has closed its pre-series A funding round securing ₹25 crore through a mix of equity and debt.
The investment is backed by existing and new investors including Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agiliti Venture.
The fresh infusion of funds will play a pivotal role in Proost Beer’s strategic expansion plans. Operating under the umbrella of Grano69 Beverages Pvt Ltd in Delhi, the start-up has a presence in Delhi, Punjab, Uttar Pradesh, and Kerala retail outlets.
Vijay P. Sharma, Co-Founder and Managing Director of Proost Beer, said, “The successful conclusion of this funding round empowers us to enhance our production capabilities and venture into new markets. We are highly optimistic about the industry’s growth potential, driven by the increasing consumer appetite for innovative, high-quality products. With this funding, we anticipate achieving a remarkable 300 per cent growth.”
Established in 2017, Proost Beer is on a mission to capture a 5 per cent share of the Indian beer market by the end of this decade, said the company. Proost Beer offers a curated selection of beers, with its flagship product, Proost Strong beer. It sources most of its raw materials locally and is 100 per cent made in India.
Tarun Bhargava, Co-Founder and CEO of Proost Beer, said, “We are thrilled to see the strong vote of confidence from both our existing and new investors. This endorsement underscores the strength of our business and sets the stage for the next phase of growth for Proost Beer.”