Proost Beer Raises INR 30 Cr To Expand Portfolio

Homegrown beer brand Proost Beer has raised INR 30 Cr (around $3.5 Mn) as a part of its ongoing Series A funding round co-led by Chimes Group and Porus Laboratories chief executive Srinavasan Namala.

The round also saw participation from Hyderabad Angels, The Chennai Angels and a host of high net worth individuals (HNIs).

The company plans to use the fresh capital to boost its supply chain and product stack as well as scaling up the brand.

Founded in 2017 by Vijay P Sharma and Tarun Bhargava, Proost Beer manufactures and sells a range of beers. It claims that its beers are entirely made in India.  

By the end of the 2030, the Delhi NCR-based brand aims to tap onto a 5% market share in the Indian beer industry driven by innovation, customer-focused product development and market expansion.

Besides established players like Diageo, United Breweries, and Pernod Ricard India, Proost Beer also competes with startups like Bira91 and White Owl Brewery.

“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,” said Bhargava.

The Indian beer market has seen a lot of funding developments recently.

In August, Goa-based alcobeverage startup Latambarcem Brewers (LB Brewers) raised $1.5 Mn (INR 12.5 Cr) in its pre-Series A funding round led by LBB Investor SPV (special purpose vehicle), a group of ultra-high-net-worth angel investors.

In June, Bira 91 raised $25 Mn (around INR 208 Cr) via external commercial borrowing (ECB) from its existing backer Kirin Holdings.  

According to a report, India’s beer market size reached INR 414.7 Bn in 2023 and is expected to surpass INR 781.2 Bn market by 2032, exhibiting a growth rate (CAGR) of 7.1% during 2024-2032.