Proost Beer on Thursday said it has raised ₹8.5 crore in a funding round led by Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finvolve and other angel investors. Existing investors Dauble PTE and Dev Punj also participated in the Pre-Series A round.

According to the company, the funds will be used to expand production capacity, venture into new markets, and fulfil other working capital requirements.

Started in 2017, Proost Beer sources its raw materials from both local and international suppliers.

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Tarun Bhargava, CEO & Co-founder of Proost Beer said, ”This funding round comes as a validation from our investors on our business model and will allow us to ramp up our production and expand our reach in the market. We look forward to taking our beer to more consumers across India.”

He added that the company is optimistic about utilising these funds to drive its growth trajectory and strengthen its position as a leading beer brewing company in India.

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“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 expect 300 per cent growth in FY24,” Vijay P Sharma, MD & Co-founder of Proost Beer, said.

According to the company, it is present in more than 1800 retail outlets, and sold over 10 million units.

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