Proost Beer, a Delhi-based beer brewing company that was recently featured on Shark Tank India, has raised Rs 8.5 crores in a fundraising round led by prominent investors including Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve, and other prominent angel investors.
The capital infusion will help Proost Beer expand its production capacity, penetrate new markets, and fulfil its working capital requirements, the company said in a statement on Thursday, April 13. The company's existing investors, Dauble PTE and Dev Punj, also participated in the funding round.
Proost Beer's unique brewing process and recipe deliver a premium quality beer with a smooth and distinct taste at an affordable price point, which has helped the company gain a reputation for brewing top-tier beer, it said.
The company sources its raw materials from both local and international suppliers to ensure the highest quality standards for its brews.
The company highlighted that it is well-positioned to capitalise on the growing demand for premium quality beer in India and anticipates achieving 300 percent growth in the current financial year, FY 23-24.
"We are delighted to have secured this funding round, and this comes as a validation from our investors on our business model. This will allow us to ramp up our production and expand our reach in the market. We look forward to bringing our beer to even more consumers across India," said Tarun Bhargava, CEO & Co-founder of Proost Beer.
The company is present in more than 1800+ retail outlets, and over 10 million units have already been sold.
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