The funding round was led by Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve and other prominent angel investors, including existing investors Dauble PTE and Dev Punj
New Delhi: Beer brand Proost raised Rs 8.5 crore in a funding round led by Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve and other prominent angel investors. The brand said in a press release that its existing investors Dauble PTE and Dev Punj also participated in the round.
“The recent investment from existing and new investors indicates their trust and confidence in our business approach and strategy…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,” said Vijay P Sharma, managing director and co-founder, Proost Beer.The beer brewing company plans to expand its production capacity, enter new markets and fulfill its working capital requirements, with this funding. Furthermore, it plans to strengthen the brand’s position as a leading beer brewing company in the country.
The Beer brand Proost was established in 2017 and it is based in Delhi. The company sources its raw materials from both local and international suppliers, ensuring the quality standards for its brews, said the brand in a press release. Proost Beer is present in more than 1800 retail outlets, and over 10 million units have already been sold, further added the brand that was featured on Shark Tank India.
