Proost Beer, a domestic beer company, raised INR 25 Cr in its pre-Series A fundraising round using a combination of debt and equity.
Both new and returning investors participated in the investment round, including Agiliti Venture, Hyderabad Angels, Mumbai Angels, Finvolve, India Accelerator, Dev Punj, Chimes Group, and The Chennai Angels.
Vijay P Sharma, cofounder & managing director of Proost Beer, said, “We are highly optimistic about the industry’s growth potential, driven by the increasing consumer appetite for innovative, high-quality products. With this funding, we anticipate achieving a remarkable 300% growth.”
The business said in an announcement that it will use the new funding for its planned strategic growth. It wants to penetrate new markets and increase its production capacity.
Grano69 Beverages is the parent company of Proost Beer, which was founded in 2017. The beer firm operates in Kerala, Uttar Pradesh, and Punjab. By the completion of this decade, the business wants to have more than 5% of the Indian beer market.
About Proost Beer
Grano69 Beverages, located in Delhi, is the maker of homebrew Proost Beer. It was founded in October 2017 by Tarun Bhargava and Vijay P. Sharma.