Delhi-based Proost Beer raised of Rs 8.5 crore in equity and debt from Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve and others where existing investors such as Dauble PTE and Dev Punj also participated.
According to a press release from Proost Beer, the proceeds will be used to expand its production capacity, expand, meet working capital requirements, hack growth, and strengthen its position in the beer brewery space.
Vijay P Sharma and Tarun Bhargwa founded the company in 2017 and claim a unique brewing process and recipe, offering a premium quality beer with a smooth taste. To ensure authenticity, Proost Beer uses high-quality, locally and internationally sourced raw materials.
Proost Beer claims to have a presence in over 1,800 retail outlets and has sold over 10 million units. It expects to achieve 300% growth in the current fiscal year, FY23-24, with this fundraising. Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, and other Goan-based breweries compete with the company.
