Proost Beer, a Delhi-based beer brewing firm, has closed its pre-series A round after raising Rs 25 crore ($3 million approximately).
The funding, a mix of equity and debt, saw participation of new and existing investors, including Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agiliti Venture.
The fresh proceeds will be deployed towards “strategic expansion”, the startup said in a press release.
Founded by Vijay P Sharma and Tarun Bhargwa in 2017, the company claims to have a strong presence in Delhi, Punjab, Uttar Pradesh and Kerala. It also claims to sell 9 units of beer every minute.
“…Proost Beer is on a mission to capture a substantial 5%+ share of the rapidly expanding Indian Beer Market by the end of this decade…,” the company added.
The startup is also aiming to achieve 300% growth in the financial year ending March 2024.
Proost Beer competes with the likes of Goan-based Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, et al.