New Delhi: Proost, a homegrown beer startup founded in 2017 has successfully raised Rs 30 crore in its ongoing Series-A funding round as the company is aiming to strengthen its supply side, expand operations into new markets, expand its product portfolio and brand building activities.
The investment in this round, led by Chimes Group and Srinivasan Namala, also saw participation from Hyderabad Angels, The Chennai Angels and other marquee HNI’s, it said in a release.
Commenting on this achievement, Tarun Bhargava, Co-Founder & CEO of Proost, said, “We are thrilled to announce this new round of funding, which represents a significant step forward in Proost’s journey. With these funds, we will focus on expanding into strengthening our production capacity, expanding into a few new markets while also ensuring that we go deeper into our existing ones on the back of brand building.
“This is Tranche-1 of our ongoing Series A round and it’s great to see 90 percent of the round size being mopped by our existing investors. Our commitment to delivering value to our stakeholders remains unwavering, and this investment brings us closer to our goal of capturing a substantial share of the Indian beer market by the end of the decade,” he added.
The funds will be instrumental in Proost’s expansion into new regions and will bolster its financial foundation. Proost intends to enhance its product range by introducing newer variants aligned with evolving consumer demands and industry trends. Operating under the umbrella of Grano69 Beverages, Proost has made its mark in the beer industry with a strong presence in retail outlets across Delhi, Punjab, Uttar Pradesh, Kerala, Jharkhand and Karnataka.
The brand is targeting a 5% market share in the Indian beer industry by the end of the decade, backed by innovation, customer-centric product development, and strategic market expansion, the release said.
An investor representing the Chimes Group expressed confidence in Proost’s vision, stating, “Proost’s growth trajectory and its strong market presence reflect the team’s dedication and understanding of the Indian consumer. We are excited to partner with them again and contribute to their mission of reshaping the beer industry with high-quality, innovative products.”
With this substantial funding, Proost is well-positioned to scale its operations, introduce industry-first innovations, and continue delivering exceptional value to its customers and stakeholders.
UNI
