Delhi-based Proost Beer, a beer brewing company, has closed its pre-series A round of funding after raising about Rs 3 million ($25 crore).
New and returning investors such as Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agiliti Venture participated in the funding, which was a combination of debt and equity.
According to a press release from the startup, the additional funds will be used for “strategic expansion.”
The company was founded in 2017 by Vijay P Sharma and Tarun Bhargwa, and it says it is well-known in Delhi, Punjab, Uttar Pradesh, and Kerala. Additionally, it says it sells nine beer units per minute.
“…Proost Beer is on a mission to capture a substantial 5%+ share of the rapidly expanding Indian Beer Market by the end of this decade…,” the company added.
Additionally, the startup wants to grow by 300% by the end of the fiscal year in March 2024.
Proost Beer faces competition from companies such as Arbor Brewing Company, Bira 91, Simba, Kati Patang, Goan-based Maka Di, and Witlinger.
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