SUMMARY
- Proost Beer raised ₹30 Cr in Series A led by Chimes Group and Mr. Srinivasan Namala (Porus Laboratories), aiming to enhance branding, production, and market reach.
- Founded in 2017, Proost Beer targets 5% of India’s beer market by 2030 with locally produced innovative offerings.
- FY 2022-23 financials: ₹221.21 Cr revenue, ₹25.49 Cr expenses, ₹2.79 Cr loss, and ₹4.64 Cr negative cash flow.
The domestic beer company Proost Beer has raised ₹30 crore (about $3.5 million) as part of its ongoing Series A fundraising round, led by existing investor Chimes Group and Mr. Srinivasan Namala of Porus Laboratories. With the fresh capital, the company intends to scale up the brand and improve its product stack and supply chain with the new funding.
The Chennai Angels, Hyderabad Angels, and numerous high-net-worth individuals (HNIs) also participated in the round.
Bhargava stated, “With these funds, we will focus on 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.”
Proost Beer, which was established in 2017 by Vijay P. Sharma and Tarun Bhargava, produces and markets a variety of beers. It asserts that all of its beers are produced in India. Through innovation, customer-focused product development, and market expansion, the Delhi NCR-based business hopes to capture 5% of the Indian beer market by the end of 2030.
The firm’s financials for FY 2022-23 reported a revenue of ₹221.21 crore, with expenses amounting to ₹25.49 crore. The company incurred a loss of ₹2.79 crore and recorded a negative net cash flow from operations of ₹4.64 crore.
