Proost Beer raised Rs 8.5 Cr equity & debt funding from Mumbai Angels, others
Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve, and other investors have contributed Rs 8.5 crore in equity and debt to Delhi-based Proost Beer. Existing investors like Dauble PTE and Dev Punj also participated in the round.
According to a press release from Proost Beer, the money will be used to increase its production capacity, expand, meet working capital needs, hack growth, and solidify its position in the beer brewery industry.
The company, which was founded in 2017 by Vijay P. Sharma and Tarun Bhargwa, boasts a distinctive brewing process and recipe and offers premium quality beer with a smooth flavor. To ensure an authentic flavor, Proost Beer only uses premium raw materials that are sourced both locally and internationally.
More than 1,800 retail locations are said to carry Proost Beer, and more than 10 million bottles are said to have been sold so far. It hopes to achieve 300% growth through this fundraising in the current fiscal year, FY23–24. Competition for the business includes Goan-based Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, and others.
