PROOST BEER RAISES RS 8.5 CRORE IN EQUITY & DEBT FROM ANGEL INVESTORS

Delhi based Proost Beer, Shark Tank India featured and a prominent player in the beer brewing industry, made an exciting announcement regarding its successful fundraising round. The company raised Rs 8.5 crore in the round, which was spearheaded by Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finvolve, and other prominent angel investors.

The company's existing investors Dauble PTE and Dev Punj also participated in the round, highlighting their continued support and belief in the company's growth potential.

With this latest capital infusion, it intends to expand its production capacity, venture into new markets, and fulfil its working capital requirements. The company is optimistic about utilising these funds to drive its growth trajectory and strengthen its position as a leading beer brewing company in India. This fundraising success also underscores the investors' trust and confidence in the company’s innovative brewing process and recipe, which delivers a premium quality beer with a unique flavour profile at an affordable price point.

Tarun Bhargava, CEO & cofounder, Proost Beer, said, "We are delighted to have secured this funding round and this comes as a validation from our investors on our business model, this will allow us to ramp up our production and expand our reach in the market. We look forward to bringing our beer to even more consumers across India."

Vijay P Sharma, MD & co-founder of Proost Beer, said, “The recent investment from existing and new investors indicates their trust and confidence in our business approach and strategy. This latest investment is part of a larger fundraising plan and will enable us to expand our production capacity and penetrate new states. We are optimistic about the industry's growth potential, especially considering consumers' increasing willingness to try out new, high-quality products. With this funding, we anticipate achieving 300% growth in the current financial year, FY 23-24.” n