In a recent development that has sent ripples across the burgeoning Indian craft beer industry, Proost Beer, headquartered in Delhi, has successfully wrapped up its pre-Series A fundraising. The company managed to rake in an impressive Rs 25 crore (equivalent to $3 million), thanks to a strategic blend of equity and debt financing.
This fundraising spectacle saw participation from an array of seasoned and new investors. The list reads like a who’s who of the investment realm, featuring names like Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agiliti Venture.
A Look Back at Proost’s Financial Journey
Before this accomplishment, Proost Beer had embarked on a similar fundraising expedition, which bore fruit in the form of Rs 8.5 crore. Notably, the earlier round was primarily championed by eminent entities like Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, and Finnvolve, to name a few.
Gearing Up for the Future
So, what’s next for Proost Beer with this fresh influx of capital? Expansion and growth. As per the company’s official statement, they are primed to channel these funds towards broadening their horizons, bolstering production, and enhancing distribution networks.
A Dive into Proost’s Legacy
Founded in 2017, the brainchild of Vijay P Sharma and Tarun Bhargwa, Proost Beer is not just another name in the beer market. What sets it apart is its unyielding commitment to quality and innovation. The brand boasts a unique brewing method and an exclusive recipe, factors that have played pivotal roles in cementing its position in the premium beer segment. Their emphasis on sourcing the crème de la crème of ingredients, both from India’s rich landscapes and from international vendors, has resulted in a beer that resonates with authenticity and a smooth finish.
A Strong Market Presence
Proost Beer’s credentials aren’t just limited to its quality. Its market presence paints an equally impressive picture. With its beers flying off the shelves in prominent regions like Delhi, Punjab, Uttar Pradesh, and Kerala, the company has reported a staggering sales velocity – 9 beer units are sold every single minute. This is no small feat in an industry teeming with brands vying for consumers’ attention.
Furthermore, Proost Beer is not just resting on its laurels. They have their eyes set on the future, with plans laid out and wheels in motion to achieve a colossal 300% growth in the upcoming fiscal year of FY23-24.
Standing Tall Among Competitors
The Indian beer market is, without a doubt, saturated. Names like Maka Di from Goa, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, and Simba aren’t just brands; they’re formidable competitors with their own loyal customer base and unique selling propositions.
Yet, in this fiercely competitive arena, Proost Beer has carved a niche for itself. Its commitment to quality, authenticity, and innovation has fostered a growing community of loyalists and enthusiasts.
