Delhi-based Proost Beer has picked up an investment of Rs 8.5 crore in equity and debt which was spearheaded by Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve and others. The round also witnessed participation of its existing investors such as Dauble PTE and Dev Punj.
The proceeds will be deployed to expand its production capacity, expansion, fulfil working capital requirements, hacking growth and strengthen its position in the beer brewery space, Proost Beer said in a press release.
Founded by Vijay P Sharma and Tarun Bhargwa in 2017, the company claims unique brewing process and recipe, offering a premium quality beer with a smooth taste. Proost Beer uses high-quality, locally as well as internationally sourced raw materials to ensure authentic taste.
Proost Beer claims to have a presence in more than 1,800 retail outlets, and over 10 million units have already been sold. With this fundraising, it anticipates achieving 300% growth in the current financial year: FY23-24. The company competes with the likes of Goan-based Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, et al.