India: India’s Proost Beer raises Rs 25 cr in pre-series A

Indian beer brand, Proost Beer has raised Rs 25 crore in a pre-series A funding round through a mix of equity and debt, the company announced in a press release on October 25.

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, participated in the fundraise.

“With this funding, we anticipate achieving a remarkable 300% growth,” said Vijay P. Sharma, co-founder and MD, Proost Beer.

The company plans to use the funds to enhance its production capabilities and venture into new markets.

Established in 2017, Proost Beer operates under Grano69 Beverages. The beer brand runs its outlets in Punjab, Uttar Pradesh, and Kerala. The company aims to capture over 5 per cent share of the Indian beer market by the end of this decade.

27 October, 2023