Delhi, India – Proost Beer, a Delhi-based craft brewery known for its unique brewing process and premium beer, has successfully concluded its pre-Series A funding round, raising an impressive Rs 25 crore (approximately $3 million) through a combination of equity and debt financing. This significant investment comes from a mix of both new and existing investors, including prominent names like Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agiliti Venture.
Previously, Proost Beer had secured Rs 8.5 crore in a funding round that included equity and debt contributions from investors such as Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, and Finnvolve, among others.
Proost Beer’s latest infusion of capital is earmarked for ambitious expansion plans, according to a company statement.
Co-founded in 2017 by Vijay P Sharma and Tarun Bhargwa, Proost Beer has gained recognition for its distinct brewing techniques and recipes, which result in a premium beer known for its exceptionally smooth taste. The company is committed to using high-quality raw materials, sourced both locally and internationally, to ensure an authentic and delightful beer-drinking experience.
The craft brewery currently boasts a robust presence in regions including Delhi, Punjab, Uttar Pradesh, and Kerala. Impressively, the company reports a staggering rate of selling nine units of beer every minute. As it looks ahead to the future, Proost Beer is forecasting an impressive 300% growth for the current financial year, FY23-24.
Proost Beer faces competition from various players in the craft beer industry, including well-known names such as Goan-based Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, and others.
With this substantial injection of capital, Proost Beer is poised to expand its footprint and strengthen its position in the competitive craft beer market. The funding will enable the company to continue its commitment to delivering high-quality, authentic beer to its growing base of loyal customers while exploring new opportunities for growth and innovation in the industry.
