- Delhi-based Proost Beer has successfully closed its pre-Series A funding round, raising Rs 25 crore (approximately $3 million) through a combination of equity and debt financing.
- The investment round attracted both 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.
- Before this pre-Series A round, Proost Beer had raised Rs 8.5 crore in equity and debt funding, led by investors like Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, and Finnvolve, among others.
- Proost Beer, founded by Vijay P Sharma and Tarun Bhargwa in 2017, distinguishes itself with a unique brewing process and recipe, offering a premium-quality beer with a smooth taste. They use high-quality, locally and internationally sourced raw materials.
- The company has a strong presence in Delhi, Punjab, Uttar Pradesh, and Kerala, where it claims to sell 9 units of beer every minute. Proost Beer is aiming for substantial growth, with a projected 300% increase in sales for the current financial year (FY23-24). It competes with other beer brands such as Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, and Simba.