Delhi-based Proost Beer has raised Rs 8.5 crores in the funding round spearheaded by Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve and other angel investors. Proost Beer's existing investors Dauble PTE and Dev Punj also participated in the round.
With this latest capital infusion, Proost Beer intends to expand its production capacity, venture into new markets and fulfil its working capital requirements.
"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," said Tarun Bhargava, chief executive officer (CEO) and co-founder of Proost Beer.
“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 per cent growth in the current financial year, FY 23-24.” observed Vijay P Sharma, managing director and co-founder of Proost Beer.